Latest news with #e-Khata
Business Standard
2 days ago
- Business
- Business Standard
'Puravankara clocks revenue of Rs 539 Crores, GDV of new land acquisitions at Rs 6,400 Crores in Q1FY26'
VMPL Bengaluru (Karnataka) [India], August 9: Puravankara Limited (NSE: PURVA | BSE: 532891), one of India's most trusted and admired real estate developers, announced its financial results for the first quarter (Q1FY26) ending June 30, 2025. In Q1FY26, the company recorded sales of Rs 1,124 crores, up 6% year-on-year, on sales volume of 1.25 million sq. ft. The average realisation rose 9% to Rs 8,988 per sq. ft, while collections stood at Rs 857 crores. Commenting on the company's performance, Mr Ashish Puravankara, Managing Director, Puravankara Limited, said, "This year marks our Golden Jubilee, and we are proud of the trust our customers have placed in us as well as the milestones we have achieved on this journey. In this quarter, we delivered a strong performance, with a 6% year-on-year increase in pre-sales, supported by healthy customer interest in our ongoing projects. Healthy collections for the quarter underscore the continued confidence that homebuyers have in our developments. Our handovers and sales were less than our expectations due to regulatory changes, including e-Khata and changes in byelaws. However, our team is confident of achieving the scheduled handover and launches. Our recent land acquisitions with an aggregate GDV potential of Rs 6,400 crores have further strengthened our growth pipeline. In Mumbai, redevelopment continues to gain traction, with our appointment as the preferred developer for eight housing societies in Chembur (GDV over Rs 2,100 crores). In the South, we have entered a JV for a 24.59-acre parcel near the airport in North Bengaluru (GDV over Rs 3,300 crores) and signed a JDA for a 5.5-acre parcel in Balegere, East Bengaluru (GDV over Rs 1,000 crores). These additions diversify our portfolio and position us strongly for sustained growth." Operational Q1FY26 Highlights: * Total area sold: 1.25 million square feet (msft) * Total sales value: Rs 1,124 crores * Average sales realisation: Rs 8,988 per square foot (psft) Consolidated Q1FY26 Financial Performance: * Total revenue stood at Rs 539 crores * Net loss for the period was Rs 69 crores * Collections: Rs 857 crores Possession: * While regulatory changes such as the e-Khata process have impacted handover and revenue recognition timelines, we remain on track for the planned delivery of over 4,500 units during the financial year * Out of planned handovers, 3.65 million square feet (3,015 units) have been completed and Occupancy Certificates (OC) received; these are currently awaiting e-Khata issuance for handover possession * In Q1FY26, we handed over 667 units, covering 0.68 million square feet, generating revenue of Rs 539 crores Projected Cash Flows: As of 30 June 2025: * The total estimated surplus from all completed and ongoing projects stands at Rs 7,915 crores * The estimated surplus from commercial projects is Rs 1,934 crores * The estimated surplus from pipeline projects is Rs 5,578 crores * The overall estimated surplus across all categories exceeds Rs 15,427 crores * The cost considered for surplus calculation does not include sales & marketing costs, corporate overheads, income tax and future repayment of debt Launches * Changes in byelaws and regulatory processes temporarily impacted the launch schedule. However, with the revised byelaws now notified, the company is back on track to launch 12.32 million square feet as per the planned timeline * During the quarter, the company launched 1.16 million square feet across various phases of ongoing projects Business development: * Puravankara was selected as the preferred developer for eight redevelopment housing societies in Chembur, Mumbai, with a Gross Development Value (GDV) of over Rs 2,100 crores * Entered into a joint venture for a 24.59-acre land parcel near Bengaluru International Airport, with a GDV of over Rs 3,300 crores * Signed a Joint Development Agreement (JDA) for a 5.5-acre parcel in Balegere, East Bengaluru, with a GDV of over Rs 1,000 crores Debt * The weighted average cost of debt has reduced to 11.35% as of June 30, 2025, compared with last quarter * Net debt stood at Rs 2,825 crores, with a net debt-to-equity ratio of 1.68 for Q1 FY26 India's real estate sector is expected to continue demonstrating strong growth potential in FY26, supported by sustained end-user demand, improved affordability, and a favourable policy environment. Office leasing momentum remains robust, with nearly 49 million sq. ft. absorbed in H1CY25, while residential sales are projected to grow 5-7% through FY25-26, according to industry estimates. The recent rate cuts by the RBI have further boosted consumer sentiment and purchasing power. Puravankara is well-poised for continued expansion and is confident in its ability to capture emerging opportunities across key micro-markets.
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Business Standard
3 days ago
- Business
- Business Standard
Puravankara posts ₹68.55 crore net loss in Q1FY26, revenue down 20%
Bengaluru-headquartered realtor Puravankara reported a net loss of Rs 68.55 crore in the first quarter of the financial year 2026 ended 30 June, as compared to a net profit of Rs 14.78 crore in the same quarter the previous year, on the back of a dip in handovers and sales due to regulatory changes. 'Our handovers and sales were less than our expectations due to regulatory changes, including e-Khata and changes in byelaws. However, our team is confident of achieving the scheduled handover and launches,' said Ashish Puravankara, Managing Director, Puravankara. Further, the company's revenue from operations narrowed to Rs 524.4 crore, down 20.3 per cent in the quarter. On a sequential basis, revenue was down 4.44 per cent. In Q1FY26, the company recorded sales of Rs 1,124 crore, up 6 per cent year-on-year, on sales volume of 1.25 million square feet. The average realisation rose 9 per cent to Rs 8,988 per square foot, while collections stood at Rs 857 crore. Additionally, the weighted average cost of debt reduced to 11.35 per cent as compared to the previous quarter. Net debt stood at Rs 2,825 crore, with a net debt-to-equity ratio of 1.68 in Q1FY26. The company said that the total estimated surplus from all completed and ongoing projects stands at Rs 7,915 crore. Of this, commercial projects contribute Rs 1,934 crore, while pipeline projects are expected to generate Rs 5,578 crore. The overall estimated surplus across all categories exceeds Rs 15,427 crore. Puravankara noted that while regulatory changes, including the e-Khata process, have impacted handover and revenue recognition timelines, it remains on track to deliver over 4,500 units during the financial year. Of the planned handovers, 3.65 million square feet (3,015 units) have been completed and Occupancy Certificates (OCs) received, and are currently pending e-Khata issuance for final possession handover. In Q1FY26, the company handed over 667 units covering 0.68 million square feet, generating revenue of Rs 539 crore. As of 30 June, Puravankara has completed 92 projects measuring approximately 54 million square feet across nine cities, including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa. The company's total land bank is approximately 30 million square feet and ongoing projects add up to 35.75 million square feet. Puravankara announced its earnings after market hours on Friday. At the time of the close, the company's shares were trading at Rs 266.5 apiece, up 0.95 per cent, on the BSE.
NDTV
4 days ago
- Business
- NDTV
Bengaluru Users Complain About Shocking Tax Notices Over Parking Space, Civic Body Responds
A technical malfunction in the Bruhat Bengaluru Mahanagara Palike's (BBMP) e-Khata system has caused widespread frustration among property owners in Bengaluru, with thousands receiving unexpected show-cause notices. The e-Khata system, a digital platform designed to streamline property documentation, issues an online property certificate that records ownership details, including title history, tax records, and property dimensions. This certificate has been mandatory for all property transactions in the city since July 1, 2025, as part of BBMP's efforts to enhance transparency and digitise property records. However, as many as 31,000 homeowners received show-cause notices for not including car parking areas in their property's carpet size reports. Several people took to social media to express their frustration, questioning the need for this additional tax burden. Many residents claimed that the notices were issued without proper verification of the original property documents. Dear @BBMPofficial @BBMPAdmn @BBMPCOMM, Please advise your ARO to create e-Khata properly. Home buyers are harazed by them by not doing their job honestly. There are lot of bugs in e-Khata. We are chasing them and registering complaint, but not seeing swift action. Please help — Karnataka Home Buyers Forum (@KA_HomeBuyers) August 7, 2025 Cant file the objection also. E khata was expected to be smooth but update seems to be not possible online. Please provide an interface to do the ekhata correction online please — Ashwath Kamath (@ashwathakm2) July 24, 2025 Sir,my flat was approved B Khata before launch of E Khata. As such I applied afreash B khata/E khata on line. My application no is 5204 and provisional E-khata was issued .I am struggling for more than a year but E khata not issued. Several emails & 3personal visits of no avail — K K Kalra (@BankerKalra) August 5, 2025 The incident has sparked criticism over the system's reliability, with many questioning the rushed implementation of the mandatory e-Khata policy. Resident associations have called for a grace period and better support mechanisms to assist property owners in navigating the digital transition. BBMP officials attributed the issue to a recent software check in their Kauvery system, which identified discrepancies in property size data between e-Khata and the EPID database. The problem stems from a flaw in the e-Khata software that misinterpreted the built-up area, incorrectly including parking slots in the "carpet area" and resulting in inflated tax liabilities for many homeowners. BBMP's special commissioner (revenue), Munish Moudgil, told The Times Of India that notices were meant for properties with over 5% variation in data. However, due to a technical glitch, mass emails were sent to others who weren't at fault. Mr Moudgil assured that affected residents can appeal and have the issue resolved promptly.
The Hindu
4 days ago
- Business
- The Hindu
‘One Ward a Week — e-Khata Campaign' launched in Karnataka's Mandya district
The Karnataka government has introduced reforms in property taxation by classifying properties into 'A' Khata and 'B' Khata. As a part of this initiative, the 'One Ward a Week – e-Khata Campaign' has been launched in Mandya in order to bring all properties under the jurisdiction of Urban Local Bodies (ULBs) into the tax net. Deputy Commissioner Kumar said that officers and staff of all ULBs in the district have been briefed on property laws. Instructions have already been issued to accept applications from the public and to ensure steady progress, he stated. Issuing 'A' and 'B' Khatas for all properties under the Mandya City Municipal Council (CMC) is a flagship project of the government. A target has been set to achieve 100% coverage within three months. However, he noted that very little progress had been made so far. In this context, a decision was taken during the ULBs' monthly progress review meeting to implement the e-Khata campaign ward-wise, to expedite the process. Accordingly, the Mandya CMC has been directed to undertake the campaign across all wards and work towards achieving the 100% target. Each ward will have a designated date for the campaign. Dedicated teams, comprising officers and staff, will be formed for every ward, the Deputy Commissioner said. Revenue inspectors, tax collectors, and data entry operators, along with other required staff, will be deployed in each ward. Property owners of identified registered and unregistered properties must be informed about the campaign and the documents required to obtain an e-Khata. For 'A' Khata registration, documents required include registered sale deed/gift deed/partition deed or right documents issued by the government or government undertakings; property tax payment receipt (current year); debt-free certificate; owner's photograph and property photo, and proof of identity such as Aadhaar card, Voter ID, PAN card, or Ration card. For 'B' Khata registration (for properties registered before 10-09-2024), the documents required include registered sale deed/gift deed/partition deed/right certificates; conversion order, 'pahani', revenue sketch, or other relevant documents; debt-free certificate; current year's property tax receipt; and owner's photograph, property photo, and ID proof. Streets, apartments, and layouts will be identified and support from Resident Welfare Associations (RWAs), active citizens, NGOs, and Self Help Groups will be sought for the success of the campaign, he said. On the designated day, adequate infrastructure such as computers, printers, internet connectivity, seating arrangements, waiting areas, and token distribution will be made available at each site. Help desks will be set up to guide the public. Officers and staff assigned to the campaign must begin operations in each ward by 7.00 a.m., and initiate the process for issuing e-Khatas. Applications received must be processed and e-Khatas issued within one week, the Deputy Commissioner added.
Hindustan Times
4 days ago
- Business
- Hindustan Times
BBMP e-khata glitch triggers unfair tax notices to Bengaluru homeowners over parking space: Report
A technical glitch in Bruhat Bengaluru Mahanagara Palike's (BBMP) e-Khata system has upset many property owners, as hundreds received show-cause notices unexpectedly. E-Khata is an online property certificate that records ownership details and has been mandatory since July 1, 2025. Residents frustrated by BBMP's e-Khata system errors, demand intervention from Karnataka DCM over wrongful tax assessments in Bengaluru.(Pixabay) What happened? Homeowners in Bengaluru were notified for not including their car parking area when reporting the carpet size of their properties. Rajat Rao, a resident of Richmond Town, said BBMP demanded tax on his parking space but determined its size without verifying any documents or visiting the property, a report published by the Mint said. BBMP officials explained that the problem arose due to a recent software check in their system called Kauvery, which flagged any difference in property size data between e-Khata and another property database, EPID. Homeowners' response Residents, especially from the Shantinagar area where e-Khata was first introduced, are frustrated and want Karnataka DCM DK Shivakumar, who also holds the Bengaluru development portfolio, to intervene. READ | 'I should've stretched my budget', Bengaluru homebuyer regrets choosing a Grade B project with subpar construction They criticized the officials for causing unnecessary trouble and questioned why they are forced to prove facts when the system itself is flawed. A resident from Yelahanka said he was told to appeal in BBMP's e-court for an issue he did not cause. Another resident also complained about the unfair treatment of honest taxpayers while some politicians and officials avoid paying taxes without any penalties. BBMP's stance A senior BBMP official defended the system, saying it automatically identifies errors and that parking spaces are taxable even if not separately listed in sale deeds. READ | Low flower prices dampen spirits ahead of Varamahalakshmi festival in Bengaluru: Report Munish Moudgil, BBMP's special commissioner for revenue, clarified that notices were meant to be sent only when the property size difference exceeded 5 per cent. However, due to a technical error, many notices went out wrongly. He assured that affected residents can appeal and their issues will be resolved quickly.
