India Real Estate Latest Trends | Overview | Growth | Investments

January 29, 2024
Breaking Ground and Records: Puravankara’s Resounding Success in FY23

Established in 1975, Puravankara Limited is the leading real estate developer in India. Headquartered in Bangalore, the real estate developer is renowned for delivering high-quality residences in a timely manner while adhering to benchmark standards of quality, transparency, and innovation.

The developer today has a legacy of remarkable residential development across nine cities, a portfolio of over 80 projects, and a massive land bank of 45 million square feet. Responsible for providing luxurious living spaces to 50,000 families. Their commitment to ‘The You Philosophy’ revolves around curating homes that are designed primarily to meet the unique demands of the customers.

As a result of their dedication to their philosophy, Puravankara Ltd. reported sales of Rs 1,241 in July–September 2023, almost doubling the sales achieved during the same period last year. The real estate’s customer collection has also increased by 52% in 2023 as compared to last year.

In the first nine months of FY23, the company reported sales accounting of Rs 3,967 crore, resulting in a whopping 89% increase as compared to the previous fiscal year. The customer collection in this period surged to Rs 2,515 crore, accounting for a 57% rise. The July to September quarter also witnessed the realty launch of two residential projects, Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai, both collectively totaling 1.12 million sq. ft.

The company has also reported a decrease in the average pricing of their inventory by 2%, from Rs 7,767 in Q3 22 to Rs 7,610 per square foot in Q3 23. This is reported to be the result of the inventory mix between the company’s different brands, Purva, Provident Housing, and Purva Land brands. Owing to the upward sales momentum the share of Puravankara have also surged by 10.5%, reaching a 52 week high.

In FY23, Puravankara’s stellar sales and customer growth, along with strategic project launches, not only highlights their commitment to excellence, but also undoubtedly marks a milestone in the annals of Indian real estate development.

The Surging Rent in Bangalore: Aggravated by the New Property Taxation Scheme

The growth engine of India’s IT industry, present-day Bangalore is a melting pot of people and cultures from all over the country. This cosmopolitan hub draws thousands of young and aspiring professionals to the city with its thriving technology hub, stunning infrastructure, and fascinating fusion of cultures. This increasing urbanisation in the city in a short period of time has, however, led to a steadily rapid increase in apartment rents. As per reports by a leading real estate consultan

Outlook for 2024: Residential Completions Inbue Confidence in Homebuyers

Indian real estate sector shows phenomenal growth with estimated completion of 5.31 Lakh housing units across India Despite global economic challenges, India's real estate market has shown remarkable resilience, witnessing a surge in construction activity in 2023. With over 4.35 lakh homes completed across the nation's top seven cities, the sector has defied expectations and continued its growth trajectory. Notably, regions like the Mumbai Metropolitan Region (MMR) and Nat

Rooted in Tradition: The Shift in Indian Luxury Housing

Did you know that an all-time high of 4.76 lakh units were sold in the year 2023 in India’s top 7 cities? This marks a whopping 31% increase from the previous year, reflecting the vigorous momentum that had enveloped the Indian real estate industry. One trend that particularly swept the industry by storm in 2023 was the dominance of luxury housing. Indeed, for the first time in the annals of Indian real estate, sales of luxury real estate exceeded those of the affordable segments during the Ju