New Delhi: Realty player Puravankara Ltd’s premium affordable housing brand now accounts for as much as 87 percent of the launch pipeline of the company, in line with the overall strategy of the Bengaluru-based firm.
While the Puravankara’s is planning to launch about 1.17 million square feet under its own brand, around 7.56 million square feet is launches are lined up for Provident, according to an investor presentation of the company.
The company had launched Provident few years ago in keeping with the evolving market requirements where homebuyers have been preferring affordable houses more than any other category of residential properties.
The company has been able to achieve better price realisations for the Provident branded properties as compared to Puravankara brand.
For the third quarter of the current fiscal, Provident branded properties have commanded a price of Rs 4,125 per square feet as compared for the completed properties as against Rs 3,766 per square feet in the same quarter of the previous fiscal, a growth of 10 percent. On the other hand, Puravankara branded completed projects commanded a price of Rs 5,596 per square feet in the third quarter of the current fiscal as compared to Rs 5,064 per square feet in the same quarter of the previous fiscal, an increase of only 9 percent.
Even for the ongoing projects, the company has better sale realisations for the Provident brand. For the third quarter of the current fiscal, there has been 6 percent increase in sales realisations for the ongoing projects of provident as compared to same period of the previous fiscal. The ongoing projects of Puravankara Ltd have seen just 5 percent increase in sales realisations in the third quarter of the current financial year as compared to the corresponding period of the previous financial year.
In the third quarter of the ongoing fiscal, Provident branded projects accounted for 64 percent of the all the houses sold by the company and 46 percent of the sales value. The two new projects launched under the provident Brand-Capella and Equinox contributed to most of the sales.