According to Anarock Property Consultants, India’s top nine listed real estate developers continued to reap rewards from the surge in demand for branded homes during the pandemic.
As per Anarock report, these developers reported a 57% annual growth in their revenue from residential bookings at Rs 14,883 crore in the first half of fiscal year 2022. That’s inspite of the second Covid-19 wave wreaking economic havoc in the first quarter ended June.
Godrej Properties Ltd. recorded the highest sales booking revenue in the first half, followed by Macrotech Developers Ltd. and Prestige Estates Projects Ltd.
According to Anarock, factors that drove sales of the top developers include:
According to Anuj Puri, chairman of Anarock Group, the developers sold 18.46 million square feet of housing space during the first half. That’s a growth of 39% over a year earlier and is also higher than 17.2 million in the pre-Covid period of April-September.
Puri said, “Less than a decade ago, a largely speculator-driven housing market saw unnatural demand chasing the wrong kind of supply. Today, these players are unleashing right-priced, right-sized supply clearly aimed at organic end-user demand.”
Puri attributed it to intensive market research before pressing the “commit” button and is one of the most notable features of the “reinvented Indian housing market”.
Key Highlights:
While area sold in the first quarter fell 15% over a year earlier, booking revenue rose 10% at Rs 4,214 crore. That may indicate higher sales in the mid and premium categories.
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