<p>Puravankara Limited is optimistic about demand in the back half of the year after reporting its highest ever sales figures for the second quarter and first half of any financial year since inception, the company said in an exchange filing on Monday.</p>.<p>The real estate firm’s second-quarter sales rose 33 per cent to Rs 793 crore, while its sales in the first half of the current financial year jumped 43 per cent to Rs 1,306 crore.</p>.<p>“With the launch pipeline and… the way it is going, we will continue to see buoyancy in our sales numbers,” Puravankara Chief Executive Abhishek Kapoor told <span class="italic">DH</span>. “We are confident about growth in the next two quarters.”</p>.<p>The comments come at a time when some industry watchers are worried about how the rise in interest rates could affect housing sales.</p>.<p>“The Indian economy has continued to outperform its counterparts, resulting in its emergence as the fastest-growing major economy in the world. Organised players in Indian real estate are taking maximum advantage of this growing economic boom,” the company said in the exchange filing. “The demand for real estate is seeing new peaks with each passing day, especially with festive (season) starting, we expect the same momentum to continue.”</p>.<p>Kapoor tied the record sales numbers to strong consumer demand, the brand’s strength and internal operational efficiencies.</p>.<p>Average prices during the latest second quarter were up 12 per cent versus the year-ago period.</p>.<p>“This pricing power comes from the fact that there is clear consolidation of demand for larger developers,” said Kapoor. “To some extent, this has also happened by force due to inflationary pressures in commodity prices.”</p>.<p>Sales at its premium property arm rose 41 per cent, while those at its affordable housing arm rose 26 per cent. NRI investments in the firm’s properties rose 93.54 per cent for the first six months of the year.</p>.<p>“The age profile of first-time buyers is definitely going down which is good news,” Kapoor said, adding that almost 17 per cent of its inventory was now being bought by Millennials and Gen Z, versus 8 per cent to 9 per cent before.</p>
<p>Puravankara Limited is optimistic about demand in the back half of the year after reporting its highest ever sales figures for the second quarter and first half of any financial year since inception, the company said in an exchange filing on Monday.</p>.<p>The real estate firm’s second-quarter sales rose 33 per cent to Rs 793 crore, while its sales in the first half of the current financial year jumped 43 per cent to Rs 1,306 crore.</p>.<p>“With the launch pipeline and… the way it is going, we will continue to see buoyancy in our sales numbers,” Puravankara Chief Executive Abhishek Kapoor told <span class="italic">DH</span>. “We are confident about growth in the next two quarters.”</p>.<p>The comments come at a time when some industry watchers are worried about how the rise in interest rates could affect housing sales.</p>.<p>“The Indian economy has continued to outperform its counterparts, resulting in its emergence as the fastest-growing major economy in the world. Organised players in Indian real estate are taking maximum advantage of this growing economic boom,” the company said in the exchange filing. “The demand for real estate is seeing new peaks with each passing day, especially with festive (season) starting, we expect the same momentum to continue.”</p>.<p>Kapoor tied the record sales numbers to strong consumer demand, the brand’s strength and internal operational efficiencies.</p>.<p>Average prices during the latest second quarter were up 12 per cent versus the year-ago period.</p>.<p>“This pricing power comes from the fact that there is clear consolidation of demand for larger developers,” said Kapoor. “To some extent, this has also happened by force due to inflationary pressures in commodity prices.”</p>.<p>Sales at its premium property arm rose 41 per cent, while those at its affordable housing arm rose 26 per cent. NRI investments in the firm’s properties rose 93.54 per cent for the first six months of the year.</p>.<p>“The age profile of first-time buyers is definitely going down which is good news,” Kapoor said, adding that almost 17 per cent of its inventory was now being bought by Millennials and Gen Z, versus 8 per cent to 9 per cent before.</p>
