Puravankara Quarterly Customer Collections Up 39%

Puravankara Ltd.'s quarterly customer collections from the real estate business rose 39% to Rs 965 crore in the first quarter of the current financial year.

The real-estate developer posted a quarterly sales value of Rs 1,128 crore for the June quarter in sustenance versus Rs 1,126 crore in the same period last year. The average price realisation in the April–June period rose to Rs 8,746 per square foot, up by 6% on a year-on-year basis, according to an exchange filing on Friday.

Puravankara also made an acquisition of a 12.77-acre land parcel in Thane with a total potential carpet area of 1.82 million square feet. It also announced the acquisition of a 7.26-acre land parcel at Electronics City in Bengaluru with a potential carpet area of 0.60 million sq. ft.

The company remains focused on replenishing its land bank and has added 3.25 million sq. ft. in the quarter ended June. It has also bought out the landowner share of 0.83 million sq. ft of saleable area in three projects by Provident in Goa and Bengaluru, Managing Director Ashish Puravankara said.

Puravankara's stock fell as much as 3.14% during the day to Rs 456.05 apiece on the NSE. It was trading 1.81% lower at Rs 462.35 apiece, compared to a 0.99% advance in the benchmark Nifty 50 as of 2:48 p.m.