Latest news with #064
Business Standard
11-07-2025
- Business
- Business Standard
Puravankara Pre-Sales at Rs 1,124 crores in Q1, Price Realisation Up by 9%
VMPL Bengaluru (Karnataka) [India], July 11: Puravankara Limited (NSE: PURVA | BSE: 532891), one of India's most trusted and admired real estate developers, reported pre-sales of Rs 1,124 crore in Q1FY26, marking a 6 per cent year-on-year growth. The average price realisation improved by 9 per cent Y-o-Y, while customer collections for the quarter stood at Rs 857 crore. Commenting on the company's performance, Ashish Puravankara, Managing Director, Puravankara Ltd., said, "As we enter our 50th year of operations, we take pride in the trust we have earned and the milestones we have accomplished along the way. In Q1FY26, despite no new launches, we recorded a 6% year-on-year growth in pre-sales, reaching Rs 1,124 crore, and delivered strong collections driven by resilient sustenance sales, reflecting continued confidence from homebuyers in our projects. We are particularly excited about the momentum in our redevelopment strategy in Mumbai, where we have recently been selected as the preferred developer to redevelop eight housing societies in Chembur, unlocking a GDV potential of over Rs 2,100 crore. This marks a significant step forward in our efforts to create value in established urban locations. Further, we have entered into a Joint Development Agreement for a 5.5-acre land parcel in East Bengaluru, with a GDV potential of over Rs 1,000 crore. These initiatives reflect our sharp focus on strengthening our presence in key micro-markets and driving long-term value creation." Key Highlights -Puravankara selected as preferred developer for redeveloping eight residential societies in Chembur, Mumbai, unlocking over 1.2 million sq. ft. of potential across ~4 acres, with an estimated potential Gross Development Value (GDV) of Rs 2,100 crore. -Entered into a joint development of a 5.5-acre land parcel in East Bengaluru, with an estimated combined potential GDV of over Rs 1,000 crores. -Achieved quarterly sales value of Rs 1,124 crores for Q1FY26 when compared to Rs.1,064 crore in Q1FY25; up by 6% y-o-y. -Achieved quarterly sales volume of 1.25 million square feet for Q1FY26 when compared to 1.29 million square feet in Q1FY25. -Average price realisation in Q1FY26 increased to Rs 8,988 /sft, up by 9% from Rs 8,246/sft in Q1FY25. -Achieved quarterly customer collections from the real estate business of Rs 857 crores in Q1FY26. -The company is on track to complete 2.2 million square feet of commercial projects this year. Outlook India's economic outlook for FY26 remains positive, with GDP growth projected to be between 6.2% and 6.5%, supported by resilient domestic demand and robust rural consumption. The Reserve Bank of India, in its June 2025 policy review, delivered a 50-basis-point cut in the repo rate, bringing it down to 5.50%, while also reducing the Cash Reserve Ratio by 100 basis points to 3% to inject liquidity into the system. These measures are expected to stimulate credit growth and further lower borrowing costs, benefiting both end-users and developers. Inflation remains within the RBI's target band, allowing policy to remain growth supportive. The real estate sector continues to strengthen, driven by steady demand for premium housing and robust office leasing from IT, BFSI, and GCC companies. With improving affordability, lower home loan rates, and rising sector consolidation, Puravankara is well-positioned to leverage these tailwinds.
The Wire
11-07-2025
- Business
- The Wire
Puravankara Pre-Sales at Rs 1,124 crores in Q1, Price Realisation Up by 9%
Ashish Puravankara, Managing Director, Puravankara Limited Bengaluru, India: Puravankara Limited (NSE: PURVA | BSE: 532891), one of India's most trusted and admired real estate developers, reported pre-sales of Rs 1,124 crore in Q1FY26, marking a 6 per cent year-on-year growth. The average price realisation improved by 9 per cent Y-o-Y, while customer collections for the quarter stood at Rs 857 crore. Commenting on the company's performance, Ashish Puravankara, Managing Director, Puravankara Ltd., said, 'As we enter our 50th year of operations, we take pride in the trust we have earned and the milestones we have accomplished along the way. In Q1FY26, despite no new launches, we recorded a 6% year-on-year growth in pre-sales, reaching Rs 1,124 crore, and delivered strong collections driven by resilient sustenance sales, reflecting continued confidence from homebuyers in our projects. We are particularly excited about the momentum in our redevelopment strategy in Mumbai, where we have recently been selected as the preferred developer to redevelop eight housing societies in Chembur, unlocking a GDV potential of over Rs 2,100 crore. This marks a significant step forward in our efforts to create value in established urban locations. Further, we have entered into a Joint Development Agreement for a 5.5-acre land parcel in East Bengaluru, with a GDV potential of over Rs 1,000 crore. These initiatives reflect our sharp focus on strengthening our presence in key micro-markets and driving long-term value creation.' Key Highlights • Puravankara selected as preferred developer for redeveloping eight residential societies in Chembur, Mumbai, unlocking over 1.2 million sq. ft. of potential across ~4 acres, with an estimated potential Gross Development Value (GDV) of Rs 2,100 crore. • Entered into a joint development of a 5.5-acre land parcel in East Bengaluru, with an estimated combined potential GDV of over Rs 1,000 crores. • Achieved quarterly sales value of Rs 1,124 crores for Q1FY26 when compared to Rs.1,064 crore in Q1FY25; up by 6% y-o-y. • Achieved quarterly sales volume of 1.25 million square feet for Q1FY26 when compared to 1.29 million square feet in Q1FY25. • Average price realisation in Q1FY26 increased to Rs 8,988 /sft, up by 9% from Rs 8,246/sft in Q1FY25. • Achieved quarterly customer collections from the real estate business of Rs 857 crores in Q1FY26. • The company is on track to complete 2.2 million square feet of commercial projects this year. Outlook India's economic outlook for FY26 remains positive, with GDP growth projected to be between 6.2% and 6.5%, supported by resilient domestic demand and robust rural consumption. The Reserve Bank of India, in its June 2025 policy review, delivered a 50-basis-point cut in the repo rate, bringing it down to 5.50%, while also reducing the Cash Reserve Ratio by 100 basis points to 3% to inject liquidity into the system. These measures are expected to stimulate credit growth and further lower borrowing costs, benefiting both end-users and developers. Inflation remains within the RBI's target band, allowing policy to remain growth supportive. The real estate sector continues to strengthen, driven by steady demand for premium housing and robust office leasing from IT, BFSI, and GCC companies. With improving affordability, lower home loan rates, and rising sector consolidation, Puravankara is well-positioned to leverage these tailwinds. (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.).
Gulf Insider
11-07-2025
- Business
- Gulf Insider
Employee Sentenced To 12 Years In Jail And Fined
A real estate company employee has been sentenced to 12 years in prison and fined BD100,000 after laundering over a million dinars obtained through fraud, embezzlement and tampering with electronic property records. The First High Criminal Court also ordered the confiscation of BD1,064,502 from his assets and accounts. He was further instructed to repay BD388,444 to the company and to provide BD5,001 in provisional civil compensation for the losses caused. The man had been entrusted with access to company finances and title deeds through his role. Fake payment Instead of doing his job, he fiddled with the firm's internal system, inserting fake payment details to make it look as though certain properties had been bought when they hadn' from company staff and external auditors, along with warrants to inspect the defendant's financial affairs, revealed the extent of the misconduct. According to the Financial Intelligence National Centre (FINC), the man had moved funds between his own bank accounts and those held by relatives, obscuring the source of the of the proceeds was used to build a private residence and buy another property, both registered under different names. Origins Prosecutors said the aim was to disguise the origins of the funds and give them the appearance of legitimacy. Faced with mounting evidence, the defendant admitted to the charges during was held in custody throughout the investigation and referred to trial, where the court handed down its verdict and ordered the forfeiture of the laundered read: Expat Woman Falls Victim To Online Car Scam, Warns Others To Stay Alert
Daily Tribune
10-07-2025
- Business
- Daily Tribune
Employee sentenced to 12 years in jail and fined BD100,000 for laundering BD1 million in property scam
TDT | Manama A real estate company employee has been sentenced to 12 years in prison and fined BD100,000 after laundering over a million dinars obtained through fraud, embezzlement and tampering with electronic property records. The First High Criminal Court also ordered the confiscation of BD1,064,502 from his assets and accounts. He was further instructed to repay BD388,444 to the company and to provide BD5,001 in provisional civil compensation for the losses caused. The man had been entrusted with access to company finances and title deeds through his role. Pake payment Instead of doing his job, he fiddled with the firm's internal system, inserting fake payment details to make it look as though certain properties had been bought when they hadn't. Testimony from company staff and external auditors, along with warrants to inspect the defendant's financial affairs, revealed the extent of the misconduct. According to the Financial Intelligence National Centre (FINC), the man had moved funds between his own bank accounts and those held by relatives, obscuring the source of the money. Part of the proceeds was used to build a private residence and buy another property, both registered under different names. Origins Prosecutors said the aim was to disguise the origins of the funds and give them the appearance of legitimacy. Faced with mounting evidence, the defendant admitted to the charges during questioning. He was held in custody throughout the investigation and referred to trial, where the court handed down its verdict and ordered the forfeiture of the laundered proceeds.
New Straits Times
03-07-2025
- Business
- New Straits Times
Palm flat as strong Dalian oils counter weak crude, Chicago soyoil
KUALA LUMPUR: Malaysian palm oil futures traded in a tight range early on Thursday as support from rival Dalian oils offset the weakness in crude oil and Chicago soyoil. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained RM2, or 0.05 per cent, to RM4,064 (US$963.03) a metric tonne. The contract rose 2.37 per cent on Wednesday. Dalian's most-active soyoil contract rose 0.35 per cent, while its palm oil contract added 1.07 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) fell 0.67 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices eased, reversing Wednesday's gains, on concerns over weak US demand after government data showed a surprise stock buildup in the world's biggest crude consumer. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.14 per cent against the US dollar, making the commodity slightly more expensive for buyers holding foreign currencies. Palm oil may extend gains to RM4,133 per metric tonne, as suggested by a projection analysis, Reuters technical analyst Wang Tao said.
