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Published on: Jan. 16, 2024, 3:27 p.m.
Puravankara’s roadmap for growth
  • Ravi: strategic foresight; Photos: Sanjay Borade

By Lancelot Joseph. Executive Editor, Business India

In the realm of real estate, few companies have exemplified the spirit of innovation and growth as remarkably as Puravankara Limited. Under the leadership of its chairman Ravi Puravankara, the company is on a journey that epitomises excellence, customer satisfaction and strategic foresight. This narrative dives deep into the company’s journey so far, highlighting its growth, expansion, and ambitious plans for the future.

For the past 48 years, Puravankara has been upholding a steadfast dedication to excellence, setting new benchmarks in the industry and carving an inspiring trajectory. The history of Puravankara dates back to its inception in 1975, when the company was established on the fundamental ethos of trust and transparency. Over the years, the company has evolved, expanding its operations and diversifying its business verticals. 

Puravankara operates through seven businesses – including Purva Residential, Puravankara Commercial, Provident Housing, Purva Land, Starworth Infrastructure and Construction (a contracting business), Purva Streaks and property services, all of which are 100 per cent subsidiaries of Puravankara. From luxury enclaves and high-rise residences to high-grade commercial spaces, mid-segment homes and plotted developments, Puravankara has been driven by a purpose of innovation, combined with value in making its properties uniquely attractive to its customers. 

Along with delivering tangible properties across the country, Puravankara has earned trust across customer classes, charting new territories to deliver homes beyond aspirations. With a rich legacy, the company has expanded its leadership bandwidth, improved capital productivity, and embraced a digital business transformation, brightening its prospects for multi-dimensional growth.

The ‘You’ philosophy

Puravankara has changed its DNA-level functioning, leading to a transformed culture. This vision is reinforced by the ‘You’ philosophy, which revolves around prioritising customers. This customer-centric approach is extended to every aspect of the company’s operations, from product design and development, to customer service and community engagement.

The company conducts extensive market research and surveys to obtain insights into home buyers’ preferences, ensuring its advancements fit the market’s developing needs. It has made strides in its journey, with a strong focus on consolidating its luxury residential brand presence under Purva and rearranging its organisational structure.

The company has strengthened its board with names such as K.G. Krishnamurthy, Sanjeev Choudhary, Shailaja Jha and Anup Shah. The management team and senior executives driving different geographies ensures that the company navigates market obstacles comfortably,

Aligning with its growth plans, Puravankara also heavily invests in digital transformation to elevate operational efficiency and provide a better customer experience. As a result of the adoption of state-of-the-art technologies like precast construction and new systems such as SAPS/4HANA, internal processes have been streamlined, setting a new benchmark in the industry. It has investments from various global entities, including the World Bank, IFC and the government of Singapore.

Since inception, Puravankara has envisioned a world that is not just sustainable but also inclusive. The years have helped it achieve a 27 per cent gender diversity in its workforce. “We encourage a culture of continuous learning, empowering our teams,” affirms Amanda Joy Puravankara, executive director, Provident Housing, commenting on the company’s approach to fostering a healthy work environment.

“There is tremendous value for an organisation in the development of its human capital. We are focussed on allowing our employees to enhance their skills, expand their knowledge, and stay ahead in a rapidly evolving industry. We foster personal and professional development through training programmes, mentorship and knowledge-sharing platforms. We continue to invest in our people with comprehensive offerings, including a manager development programme and an internal posting programme for seamless career progressions across group companies.”

  • Ashish: exploring opportunities

The company is charting growth opportunities with a strategic roadmap that includes expanding into new geographies, diversifying into allied sectors and a resolute focus on sustainable development. Speaking about the company’s expansion and consolidation efforts, “The next five years are expected to be good for the real estate industry due to multiple factors,” informs Ashish Puravankara, Managing Director, Puravankara Ltd, while discussing upcoming projects and potential collaborations that signal a strong development pipeline.

“With a strong presence in the South and West, the company’s management team is choosing to strengthen its position further, while also exploring opportunities in the North,” adds Ashish. “We actively participate in society redevelopment projects, joint development agreements, and outright transactions across various regions.”

So far, Puravankara has 81 plus completed residential and commercial properties with around 46 million sq ft of area and 43,500 plus families. Their ongoing projects will cover 29.17 million sq ft, including Purva, Purva Land and Provident Housing. Some 56 per cent of their ongoing projects are in Bengaluru, while the remaining are in Chennai, Hyderabad, Kochi, Mumbai and Pune.

The Puravankara group already has plans to launch 7.6 million sq ft of residential with a top line of about Rs5,000 crore within 2023-24. It is looking to launch projects in cities like Bengaluru, Hyderabad, Chennai, Pune and Mumbai, with a major emphasis on Bengaluru and a sheer telescopic focus on Western India expansion.

Recently, in Mumbai, it acquired two redevelopment projects in Andheri and is exploring several other such projects. As a result of this strategic and ambitious approach to expansion, Puravankara intends to capitalise on growth opportunities in key markets and strives to leave its footprint across the country. The company has transformed itself from a Bengaluru-based developer to a multi-city company, with an extensive portfolio of projects. Having invested around Rs93 crore in Chennai, the company plans to deploy Rs300 crore in Bengaluru and Chennai before the end of 2024.

A solid foundation 

Despite economic fluctuations, industry disruptions, and external pressures, Puravankara maintains a robust operational framework and a rigorous risk management process. Abhishek Kapoor has emphasised the company’s impressive financial performance, with growth in sales and collections. For Q2 2023-24, its growth in sales was above 100 per cent, while its collections recorded a 52 per cent increase over the previous year.

He has attributed this to a combination of factors, including a robust launch pipeline, a strategic focus on non-Bengaluru markets and dedicated efforts for customer satisfaction. The company has a cash flow visibility of Rs6,455 crore in the next three-to-four years and has launched two new projects (in two phases) of 2.86 million sq ft in H1 2023-24.

According to the documents, Q2 2023-24 has witnessed a sales value of Rs1,600 crore – the highest-ever in any quarter. Of its total sales, Rs736 crore is attributed to the Purva brand, Rs740 crore to Provident Housing and Rs124 crore to Purva Land. The company’s project revenue has grown by 54 per cent y-o-y to Rs368 crore, with an EBIDTA of Rs98 crore – a 26 per cent margin. Customer collections increased to Rs879 crore, a jump of 70 per cent y-o-y, while the average price realisation increased by 7 per cent to Rs7,947 per sq ft during Q2 2023-24.

The company also expects a surplus of Rs10,827 crore from operations within the next three to four years. With increasing economic activity and revised growth projections, Puravankara is well-positioned to capitalise on and gain market share in a continuously consolidating real estate market.

  • Puravankara has been driven by a purpose of innovation, combined with value in making its properties uniquely attractive to its customers

Vision ahead

Puravankara’s new vision statement underscores its commitment to ESG principles and its customers. The company’s path to sustainability has always been synonymous with its realty sector legacy. Across its businesses, it has striven to achieve operational excellence through its prominent ESG initiatives, focussing on areas such as climate protection and water, education and healthcare, diversity and inclusion, ethics, integrity, and customer management.

The company emphasises incorporating environmental management initiatives such as deploying sustainable and biophilic design in the initial process and moving ahead with responsible use of energy-intensive resources. To mitigate its environmental footprint and promote eco-friendly initiatives, it has also initiated detailed planning for choosing climate-friendly prefabricated materials. One of the other major focus areas of Puravankara lies in its goal of preserving biodiversity. 

With rapid urbanisation reducing the density of green areas, the company has been working on preserving biodiversity throughout its projects. From stewarding water resources to the ‘direct from the tap’ concept in its projects, water conservation is pivotal to the group’s efforts.

In 2022-23, Puravankara achieved valuable progress in supply chain sustainability. “We are committed to creating a ‘supplier sustainability code’ to ensure that the suppliers also align with the company’s value of creating a sustainable environment. Puravankara’s bold ambitions include building resilient structures with reduced dependence on natural resources, building stakeholder trust, protecting natural ecosystems, and offering a larger-than-life customer experience. We aim to foster communities that empower its residents to live their lives to the fullest,” says Ashish Puravankara.

“We have invested the past 48 years in keeping the customer at the centre of our universe. Our focus has been on delivery excellence and providing the best experiences to our customers. Every year, we are further reinforcing our dedication to being an integral part of every homebuyer’s journey, from selecting their dream home, through the construction journey to cherishing every moment of living in the Purva community,” he adds.

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