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real estate | IST

Puravankara reduced debt by Rs 900 cr in last 2 years, says CEO Abhishek Kapoor

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“Over the last two years, we have already reduced our debt to the tune of about Rs 900 crore. It is consistently coming down and with all the efforts of new launches we will see a lot of our assets and investments getting monetized that will only enable us to further reduce debt,” said Abhishek Kapoor, ED and CEO OF Puravankara in an interview with CNBC-TV18.

Abhishek Kapoor, ED and CEO of Puravankara, on Monday, said it has already reduced debt to the tune of Rs 900 crore and it is consistently coming down.
The Bengaluru-based real estate developer is sitting on a Rs 1,000 crore debt at the moment.
“Over the last two years, we have already reduced our debt to the tune of about Rs 900 crore. It is consistently coming down and with all the efforts of new launches we will see a lot of our assets and investments getting monetized that will only enable us to further reduce debt,” said Kapoor in an interview with CNBC-TV18.
“We are quite comfortable at the current levels of debt,” he stated.
The company posted growth in Q2FY22, largely led by the affordable housing segment.
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While discussing the launch pipeline and business outlook, he said new launches will add a lot of value in the current and the coming quarters before the end of the financial year.
He mentioned, “We have already got about 5 million square feet (MSF) in the launch pipeline for Purvankara, almost a similar number in Provident and about 4 million square foot in Purva Land. For the next six to nine months’ timeframe, we are talking about all of these launches coming through.”
The company’s entire focus has been to add new launches now to take the numbers up.
“All our under-construction projects have gone up by about 30 percent in terms of sales value and volume. Ready-to-move inventory has come down because last year we had a lot of ready-to-move inventory in the portfolio adding a lot of numbers. So, the entire focus now is to add new launches to take the numbers up,” he said.
For the full interview, watch the accompanying video.
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