Puravankara Sees Surge in Enquiries from Middle East Office

Puravankara, a leading real estate developer, has experienced a significant increase in enquiries at its Middle East office, rising by up to 60% in recent weeks. This surge can be attributed to the company's launch of new projects and renewed interest from Indians in investing back home, driven by rising regional tensions.

Key Developments

• The company plans to launch 30 projects across South India and Mumbai over the next 24 months, with a gross development value of over Rs 55,000 crore ($5.85 billion).
• The Middle East sales office typically receives 150-200 enquiries per week, but volumes have increased, largely due to buyers who had deferred purchase decisions earlier.
• Dubai, a popular destination for wealthy Asians, has seen a shift in investor sentiment, with some opting to move assets to Singapore and Hong Kong due to concerns over the war's impact on the region.

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Market Outlook

While the current situation may be unprecedented, Puravankara expects Dubai to "bounce back" in the long term. The company's managing director, Ashish Puravankara, believes that people tend to pause decision-making during wars, and recent events should not be taken as a long-term indication of the market's performance.

Cost Absorption

Puravankara is confident that it can absorb a rise in input costs from crude-linked materials such as cement, paints, and plastics.

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