Companies

Amidst Covid, Puravankara plans to spend ₹3,000 crore on pipeline 11 projects

Anil Urs Bengaluru | Updated on October 26, 2020 Published on October 26, 2020

Ashish R Puravankara, Managing Director, Puravankara Limited

Puravankara Limited, amidst Covid-19 pandemic, is planning a ₹3,000-crore spend this fiscal to launch a pipeline 11 projects.

“A total of 10.5 million square feet (msft), with a mix of ultra-luxury, luxury and premium affordable housing projects is planned this fiscal. Out of these 11 projects, six under the brand Puravankara (2.36 msft) and five under Provident (7.07 msft),” Ashish R Puravankara, Managing Director, Puravankara Limited, told BusinessLine.

Also read: Puravankara posts ₹16.93 crore loss in Q1

“The funding is a mix of internal accruals and debt. We are anticipating revenue of over ₹6,000 crore. Out of which, we have successfully launched closed to 2.5 msft which comprises three of our projects - Provident Woodfield, Purva Atmosphere in Bengaluru and Purva Aspire in Pune,” he added.

Fourth project this fiscal

The company is to launch its fourth project for the fiscal – Emerald Bay at Purva Silversand in Pune.

Talking about the company's debt management, Ashish said “The first-quarter of this fiscal was challenging for the economy including the real estate sector. At Puravankara, we have managed to navigate through these uncertain times and remain confident that demand will return to normal levels as consumer sentiments are improving. For the quarter, our debt-equity ratio has improved significantly at 1.33 as compared to 1.42 in the previous year quarter.”

On the Covid front, the company streamlined its processes for homebuyers and made all the projects available on virtual platforms so that buyers get to view and assess a property without having to go to the project site physically.

“The level of uncertainty in the economy was high and had resulted in subdued demands that impacted the buyers’ sentiments during the lockdown. However, we are now witnessing a certain level of normalcy. In fact, we have seen an upsurge in buyers’ sentiments both in terms of sales and enquiries in the last few months,” said Ashish.

“Consumers are willing to invest in three-BHK homes where one room could be retro-fitted as a home-office. There have already been several design interventions by builders to their upcoming projects, to ensure the safety of the homebuyers, in situations similar to this,” he explained.

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Published on October 26, 2020
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