Kolte Patil: "which housing projects?"Pune-based property company Kolte Patil’s net fell nearly 7 per cent mainly due to lifting of tax exemption on IT parks under section 80 IA.
The company posted a net profit of Rs 31.46 crore in the first quarter of FY09 as compared with Rs 33.87 crore in the comparable period last year.
However, the company’s revenues rose 17 per cent at Rs 104 crore from Rs 89 crore due to "higher realization from housing projects."
Unitech:Unitech, the country’s largest listed developer, posted a 15.7 per cent growth in net profit during the quarter, mainly due to higher realisations the company made in the mid-income segment housing, in the range of Rs 40-45 lakh apartments.
Puravankara Projects:Bangalore-based Puravankara Projects posted 40.62 per cent growth in year-on-year profit during the quarter due to higher realisations from the sale of apartments and income tax exemptions on its residential projects under section 80 IB. The company sold 1,000 apartments during the quarter.
IVRCL Infrastructure:IVR Prime Urban Developers, the group’s real estate firm, posted a 263 per cent increase in net profit at Rs 5.44 crore during the Q1 period as against Rs 1.5 crore, while the turnover went up by 55 per cent at Rs Rs 32.25 crore.
Realty firms gain from mid-income group housing
real estate real estate investment Indian real estate Pune real estate Pune real estate market Pune news Pune real estate news Pune real estate market news Pune real estate investment blog Kolte Patil Unitech Puravankara Projects IVRCL Infrastructure DLF net profit of property developers first quarter of FY09 mid-income segment housing apartments in the range of Rs 40-45 lakh