I am filled with enthusiasm and pride as Puravankara completes yet another remarkable
year with a commendable performance as we step into our golden era. The global economic
landscape is ever-evolving, presenting both challenges and opportunities. Despite the
complexities, including geopolitical tensions, the global economy is showing signs of
recovery. Projections indicate a steady global GDP growth of 3.2% in 2024, mirroring the
growth in 2023. With the effort to moderate inflation and supportive monetary policies, we
anticipate a more conducive business environment.
Amidst this backdrop, the real estate sector stands as the pivotal component of
economic resurgence. Globally, real estate markets are experiencing significant shifts,
driven by technological advancements, changing demographics, and a growing emphasis on
sustainability. In China, the real estate sector is navigating through the aftermath of
notable challenges, while in the US and Europe, the focus remains on balancing
inflationary pressures with economic growth.
In India, the real estate sector is poised for a transformative journey. As the
nation's aspirations grow, so does the demand for high-quality living spaces. The sector
is witnessing a paradigm shift towards technology-driven, sustainable homes, aligning with
global trends. The past year has seen a remarkable surge in residential real estate, with
a 15-year high in sales across the top seven cities. This momentum is expected to
continue, driven by the growing demand for modern, tech-enabled residences that offer
premium living experiences.
The Indian real estate market is on the cusp of becoming a major economic force,
projected to contribute significantly to the country's GDP by 2025 and reach unprecedented
heights by 2030. This growth is set to unlock a wealth of opportunities for value
creation, positioning India as a key player in the global real estate landscape. At
Puravankara, our journey over the past 49 years has been anchored in a steadfast
commitment to customer centricity through our ‘You' Philosophy. As we step into our
50th year, we celebrate this milestone with a renewed sense of purpose and a vision to
expand our presence across India. Our focus remains on delivering unparalleled value
through innovation, transparency, and a deep understanding of our customers' evolving
needs. In its pursuit of progress, Puravankara shall continue to take due cognizance of
its responsibilities towards the larger community, as the ethos of ‘giving back to
society' is ingrained deeply in its corporate DNA. In the coming years, our commitment to
environmental sustainability will be unwavering, with a strong emphasis on climate action
and water security. As we face the challenges ahead, we understand the need to innovate
and adapt, ensuring that we leave behind a sustainable legacy for future generations. In
this past year, it was a humbling experience to have received the Lifetime Achievement
Award 2023 from Construction Week Magazine and CREDAI Karnataka. This recognition is a
testament to the collective efforts of the Puravankara group. As we embark on another
promising year, I am filled with optimism and excitement for the future. I am grateful for
everyone who has been a part of our growth story. I sincerely thank my fellow Board
members for their guidance; our customers; the leadership team; landowners and joint
development partners, bankers, and team Puravankara for another year of substantial
growth. Together, we are committed to achieving our shared goals and continuing our
journey of excellence.
Best Wishes,
Ravi Puravankara
Founder & Chairman