The real estate industry in India has shown impressive progress and success during the second quarter of the fiscal year 2023-24. Five major real estate companies have shared their sales figures for the quarter, revealing significant growth in their operations. Let’s take a closer look at their successes and what they mean for the industry as a whole.
Puravankara Ltd
Puravankara Ltd, real estate developers based in Bengaluru, has achieved a major milestone by recording sales worth Rs 1,600 crore in the second quarter of FY24. This is an impressive 102% increase compared to the same period in the previous year. In the first half of FY24, the company’s sales value surged by 109% to reach Rs 2,725 crore. The amount collected from customers in Q2FY24 also saw a significant increase, by 70% YoY, reaching Rs 879 crore. Moreover, the company’s average price per square foot also increased by 7% during Q2FY24, reaching Rs 7,947 per sq ft. This indicates the company’s strong growth and performance.
Ajmera Realty & Infra India Ltd
Ajmera Realty, a real estate company, has achieved impressive growth in the second quarter of the financial year 2024. The company has earned a total sales value of Rs 252 crore, which is a 52% increase from the same quarter of the previous year. Moreover, the sales area has also increased by 51% compared to the previous year, which indicates expansion and a stronger market presence. Ajmera Realty’s success can be attributed to its strategic acquisitions and consistent performance, which has helped the company to establish itself as a major player in the real estate sector.
Macrotech Developers
Macrotech Developers, operating under the Lodha brand, has reported impressive numbers for the second quarter of the financial year 2024. The company has recorded pre-sales of Rs 3,534 crore, which is 12 percent higher than the previous year. The collections have also surged by 16 percent to Rs 2,752 crore, reflecting the company’s strong financial position and growth. With smart management of debt and strategic acquisitions, Macrotech Developers is making great progress in the real estate market.
Sobha Ltd
A company based in Bengaluru, Sobha Ltd, has shown exceptional growth in the second quarter of the financial year 2024. They have achieved sales worth Rs 1,724 crore, which is a significant increase of 48% when compared to the previous year. The company has worked hard to develop 1.69 million square feet of property and has sold it at an average price of Rs 10,223 per sq ft, contributing to their success. This growth is a clear indication of the company’s market leadership, and their sales value reaching an all-time high in Bengaluru is a testament to their promising future.
Prestige Group
Prestige Group, which is based in Bengaluru, has achieved impressive sales growth in the second quarter of the financial year 2024. The group reported sales of Rs 7,092.6 crore, which is an increase of 102 percent compared to the same period last year. The group’s success is due to its smart business strategies that helped in selling a large number of properties at impressive prices, making it one of the leading players in the real estate market.
Conclusion: A Bright Future for Real Estate Developers
The real estate industry in India is currently on an upswing, with major developers achieving outstanding results in Q2 FY24. These developers have shown impressive growth in sales values, sales areas, and customer collections. Their strategic acquisitions, efficient management, and focus on delivering quality projects have propelled them to continued success. As they continue to set new benchmarks and expand their reach, the future of the Indian real estate market looks bright and promising.
