Puravankara on Saturday, March 23, said it has launched a residential project 'Purva Kensho Hills' at Medahalli, Sarjapura in Bengaluru.
The project is registered with Karnataka RERA.
Earlier this year, it was reported that the Bengaluru-based real estate developer Puravankara is eyeing a bigger share of the Mumbai redevelopment market with an aim to increase the contribution of the Western parts of India to 50% of overall business from 10-12% now.
Abhishek Kapoor, the company's Group CEO, told CNBC-TV18 that the Mumbai redevelopment opportunity is massive, with gross development value (GDV) estimated to be in excess of ₹3 lakh crore over the next 7-10 years.
Puravankara's revenue grew 46% year-on-year (YoY) to ₹574 crore for the October-December quarter. Net profit surged to ₹79 crore from ₹23 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 79% to ₹199 crore with margin at 34.7% versus 28.3% YoY.
Sales value in the third quarter this year was up 56% year-on-year (YoY) at ₹1,241 crore. Sales volume rose 60% to 1.63 million square foot (msf) from 1.02msf last year. Average price realisation declined 2% to ₹7,610 per square feet in Q3FY24 from last year.
Puravanka shares ended 4.26% higher at ₹214.2 apiece on Friday, March 22. The stock has gained 187.9% in the past year.
