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CEO's Desk

Real-Estate Overview:
From the desk of Jackbastian K. Nazareth, CEO, Puravankara Projects Limited

Despite global economic sluggishness, Indian real-estate occupies a dominant position in private equity investment, for the simple reason that India offers better returns than the global average.  While the depreciating rupee is a concern for our economy, it is a key driver of NRI investment in India.  NRI contribution to real-estate purchase which doubled over the last year will be further fueled by the falling rupee.  On the domestic front, demand for quality homes continues unabated.    Real-estate developers with a reputation for quality, affordability and transparency will do well. 

Puravankara Projects has done well in the luxury and premium affordable segments–margins have been steady, both at the gross and net profit levels in the last financial year.  We expect to maintain that momentum going forward.

Bangalore is India’s fastest growing metro, the population having ballooned over 45% in the past decade, to nearly 10 million.  Favorable socio-economic conditions have lured people across the country to “India’s Silicon Valley”.  Furthermore, the salubrious climate and cosmopolitan lifestyle make it the favorite destination of expats and NRIs. 

Bangalore is an end-user driven market and residential real-estate demand has been relatively resilient. With 60% of the city’s population living in rental homes, there is significant opportunity for investors too, particularly NRIs, on account of the strengthening dollar. We are seeing sustained buyer interest and believe absorption levels will increase.  Residential units in the mid-market segment account for 70% of market absorption.   Our Provident brand, which caters to this segment, has been very well received and we expect that trend to continue.

In response to Bangalore’s burgeoning demand, four new properties from the Puravanakara suite of offerings will be launched in the coming quarters.

About Puravankara Projects Limited:

Puravankara Projects Limited is a leading real estate company in India,with significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore and overseas in Dubai, Saudi Arabia and Colombo. The company has the distinction of being the first developer to obtain FDI in the Indian real estate industry through a joint venture with Singapore based Keppel Land Limited, the property arm of the conglomerate Keppel Corporation Limited.  Two projects under the joint-venture initiative are underway in Bangalore and Kolkata.

Provident Housing Ltd. is a wholly owned subsidiary of the group.  It was established in response to the growing demand for mid-segment housing. Currently two large projects comprising 5,500 units are under development in Chennai and Bangalore.

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