Bengaluru-headquartered real estate company Puravankara Ltd recorded strong sales performance in Q1 FY24, with a sale value of ₹1,126 crore, the highest for any quarter and Q1 since inception, the company said in its quarterly operational update.

 “Our unwavering dedication to growth and our ongoing efforts to capture a larger market share have resulted in the highest-ever Q1 sales in the history of the company. This is a remarkable achievement. This quarter’s pre-sales have more than doubled (119 per cent growth on a Y-o-Y basis) vs Q1 FY23,” said Ashish Puravankara, Managing Director of Puravankara. 

With a strong pipeline of new launches, the company is confident that it can continue to drive its pre-sales growth momentum. “Our new launches are complemented by impressive sustenance sales achievements, supported by efficient and fast-paced execution, leading to increased collections by 52 per cent on a Y-o-Y basis,” he added.

Customer collections from the real estate business increased to ₹696 crore in Q1FY24 in comparison to ₹458 crore in Q1FY23, a jump of 52 per cent YoY.

Moreover, the company said that its continuous improvement in business performance and cash flows will give it a fillip to steer incremental growth through new acquisitions in line with its future goals. It has launched one new project in Chennai of 0.77 msf this quarter.

Its average price realisation increased by 11 per cent to ₹8,277/sft during Q1FY24 from 7,436/sft in Q1FY23, while sale value increased by 12 per cent and collection increased by 5 per cent when compared to the immediate previous quarter, Q4FY23.