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Mumbai: Top 9 listed developers see 57% Y-o-Y growth in sales booking revenue in H1 FY 2022

10:21 PM Nov 22, 2021 | Sanjay Jog

With the cumulative revenue bookings of Rs 14,883 crore in H1 FY 22 against Rs 9483 crore in H1 FY 21, listed players performed well despite the second COVID 19 wave, according to the ANAROCK research. Nearly 18.45 million sq ft of residential area against 13.28 million sq ft was sold in the same period, a rise of 39%. Total residential area sold in H1 FY22 surpassed corresponding pre COVIS 19 period when 17.2 million sq ft area was sold.

Even as the second COVID-19 wave wreaked economic havoc during Q1FY 22, these players effectively clocked a 57% annual growth in their overall residential booking revenues in H1 FY22.

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As for the first quarter of FY22 (when the second pandemic wave was at its worst), the top 9 listed players sold approx. 4.99 million sq ft, while a year ago in Q1 FY21, the area sold was more at 5.9 million sq ft. While in the first quarter of FY22, the total area sold by these top 9 developers saw a yearly drop of 15% compared to Q1 FY21, their booking revenue was 10% more than the preceding period – approx Rs 4,214 Cr in Q1 FY22 against Rs 3,838 Cr in Q1 FY21. This may indicate higher sales in the mid to premium categories.

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The top listed developers analysed by ANAROCK are Sobha Ltd, Puravankara Ltd, Prestige Estates, Brigade Enterprises Ltd, Mahindra LifeSpaces Developers Ltd, Godrej Properties Ltd, Oberoi Realty Ltd, Kolte-Patil Developers, and Macrotech Developers (previously Lodha Group). ANAROCK has collated data as per investor presentations of each of the companies.

‘’Driven by homebuyers' increasing preference for branded homes, the listed developers have once again out-performed the market. Notably, these players have also reconfigured their supply pipeline to deliver projects in the affordable, mid-segment and premium segments,’’ said ANAROCK Group Chairman Anuj Puri. The ongoing low interest rate regime and homebuyers' desire to avoid construction-related risks also played a role, he added.

"Less than a decade ago, a largely speculator-driven housing market saw unnatural demand chasing the wrong kind of supply," said Puri. "Today, these players are unleashing right[1]priced, right-sized supply clearly aimed at organic end-user demand. This is the result of intensive market research before pressing the 'commit' button and is one of the most notable features of the reinvented Indian housing market," he noted.

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