Industry

Several realtors see home sales cross Rs 10,000 crore on record demand


Many of India’s prominent real estate developers recorded their best ever annual sales in fiscal 2021-22, with several of them topping the ₹10,000-crore mark for the first time, amid strong demand for houses after the first two Covid-19 waves.

Buyers and investors continued to invest in residential real estate, as per the annual sales data from listed and major developers like Macrotech (Lodha), DLF, M3M,

, , Brigade and , despite the second and third Covid-19 waves. Lodha recorded the best ever annual pre-sales (of homes that are under construction) of more than ₹14,000 crore, including in its UK projects.

Its India pre-sales at ₹9,024 crore were 51% higher from the year before and the highest ever, while in the UK, sales grew more than threefold to ₹5,300 crore. Pre-sales of ₹3,456 crore in the January-March period were also the highest in a quarter for Lodha.

Several

“On the ground, demand for quality housing remains very strong. With each passing quarter, demand only strengthens on the back of rising consumer confidence in the strong real estate brands, on the back of a growing economy and per capita income,” said Abhishek Lodha, managing director of

.

After several years, the industry has entered a positive price-demand cycle in fiscal 2022, allowing latent demand to be converted into actual sales in a shorter time frame.

According to

, its residential business exhibited a record performance in the fiscal year with new sales bookings of ₹7,273 crore, reflecting growth of 136% from the year before. “We witnessed strong growth across all our segments, with the luxury segment leading this trend,” DLF said, while announcing its annual result. The company said its super luxury offering, The Camellias, delivered bookings worth ₹2,550 crore in the last fiscal year. In the Indian real estate market, demand has been on a structural upswing across segments and geographies.

“At the family level, we have achieved sales of ₹10,500 crore, with M3M contributing ₹6,100 crore and Smartworld, in its first year, reporting sales of ₹4,400 crore,” said Pankaj Bansal, director of M3M India and founder of Smartworld. “With the kind of launch we have in the pipeline, we are confident that M3M alone will breach the ₹10,000 crore mark this year.”

The initial demand was driven by low mortgage rates, a stable macroeconomic environment, stamp duty reductions in certain states and job stability among consumers.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.