Real estate firms have disclosed robust sales growth for the quarter ending September 30, preceding the festive season. Contrary to the typically slow second quarter, sales experienced a surge in anticipation of festivals.
Kolte Patil Developers disclosed a notable 72% increase in sales, totaling Rs 632 crore, whereas Macrotech Developers (Lodha) experienced a 13% growth, reaching Rs 3,530 crore.
In the first half of FY24, Kolte-Patil Developers attributed around 55% of their sales to new launches, unveiling a total of 27.3 lakh sq ft of new homes.
Rahul Talele, Group CEO of Kolte-Patil Developers, stated, "Construction activities proceeded consistently, coupled with heightened momentum in sales, registrations, and CRM. This led to a notable 12% year-on-year enhancement in collections, In the initial six months of FY24, the figure stands at 985 crore."
Sobha Ltd, headquartered in Bengaluru, achieved sales of Rs 1,724 crore in the second quarter of FY24, reflecting a substantial 48% increase compared to the corresponding quarter of the previous year.
The company witnessed growth in the NCR, Kerala, and Gift City regions. However, the Bengaluru, Tamil Nadu, and Pune markets experienced a decline in new sales. Pune, in particular, saw a significant decrease, with new sales falling to 11,238 sq ft during the quarter, compared to 18,704 sq ft the previous year. Prestige Estates Projects achieved a doubling of sales in the quarter, reaching Rs 7,093 crore. With ongoing projects in Mumbai, Chennai, and Hyderabad, the company foresees the momentum of growth continuing.
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