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Bengaluru developers see record sales bookings on increased housing demand

As the residential market has turned a corner, Bengaluru-based developers have seen strong housing demand, with sales momentum constantly improving over the year. Due to increased housing demand, Brigade Enterprises Ltd’s sales bookings increased by 9% to a record ₹3,022.7 crore in the previous fiscal year.

In its investor’s presentation, the Bengaluru-based developer said: “Achieved highest ever pre-sales of ~4.7 million sq ft with sale value of ₹30,227 million in FY22, an increase of 9% from FY21”.

Sales bookings in the housing segment increased by 11% to ₹2,950.5 crores in the last fiscal year, up from ₹2,657.9 crores in 2020-21.

“It is very encouraging to end FY22 on a good note with the best ever sales and collections, till date. This is notwithstanding the second and third waves of COVID-19 as well as an increase in construction costs,” said M R Jaishankar, Chairman and Managing Director, Brigade Enterprises.

Almost all real estate developers reported record sales bookings during the previous fiscal year. Prestige Estates, based in Bengaluru, recorded a 90% growth in sales bookings to a record ₹10,382.2 crores during the last financial year, perhaps the most among the listed real estate developers. 

Meanwhile, the ‘Swaram’ plots in Tata Housing’s freshly launched project in Devanahalli, Bengaluru, were sold out within 36 hours of its opening. Sanjay Dutt, CEO and MD of Tata Realty and Infrastructure, said, “We sold all 157 plots for ₹130 crores.” According to Dutt, the demand for plots has surged dramatically during the pandemic.

Since last year, when the Indian real estate market dropped out in volumes and prices, it has shown a significant comeback. After a series of headwinds, including the pandemic, a bad-loan crisis, and a surprise 2016 cash ban dampened demand for new houses and apartments, the property market is rising after being in a negative cycle for the last six years.

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BRL Editorhttps://businessreviewlive.com
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