Boost in sales of residential sector observed till September 30

By: Pune Pulse

October 24, 2023

Pune: Real estate companies saw a substantial boost in sales during the three-month period ending on September 30, surpassing expectations for the upcoming festive season. Despite traditionally being considered a weaker period, sales during this time have shown a remarkable surge.

Kolte Patil Developers reported an impressive 72% increase in sales, totaling Rs 632 crore, while Macrotech Developers (Lodha) observed a growth of 13%, reaching Rs 3,530 crore.

Kolte-Patil Developers has recently launched new initiatives, which accounted for about 55% of their sales in the first half of FY24. These new projects cover a total area of 27.3 lakh square feet and are specifically dedicated to new residential properties. 

Rahul Talele, the Group CEO of Kolte-Patil Developers, credited this achievement to the consistent advancement in construction activities and the growing momentum in sales, registrations, and CRM. Consequently, collections for H1 FY24 have experienced a year-on-year increase of 12%, totaling Rs. 985 crore.

Sobha Ltd, based in Bengaluru, achieved sales of Rs 1,724 crore in the second quarter of FY24, marking a 48% increase compared to the same period last year. The company experienced growth in the NCR, Kerala, and Gift City markets. However, the Bengaluru, Tamil Nadu, and Pune markets saw a decline in new sales. The decline was particularly noticeable in Pune, where new sales decreased from 18,704 sq ft a year ago to 11,238 sq ft during the quarter. Prestige Estates Projects’ sales doubled during the quarter, reaching Rs 7,093 crore. The company has upcoming projects in Mumbai, Chennai, and Hyderabad and anticipates the growth trend to persist.

Recently, we have published a number of articles, one of which highlights Blackstone’s Q3 earnings report. The report reveals a 12% decrease in distributable earnings for the quarter, which can be attributed to a decline in real estate sales. Analysts predicted distributable earnings per share to be 94 cents, but it fell short of this projection. Blackstone’s net profit from asset sales also experienced a decline of 36%, largely due to higher interest rates and geopolitical tensions. Despite these setbacks, the company’s private equity portfolio saw a positive growth of 2.4%, and it managed to raise $25.3 billion in new capital during the quarter. Notably, Blackstone made history by becoming the first private equity firm to be included in the prestigious S&P 500 index.

Recently, a number of articles were published, one of which highlights Blackstone’s Q3 earnings report. The report reveals a 12% decrease in distributable earnings for the quarter, which can be attributed to a decline in real estate sales. Analysts predicted distributable earnings per share to be 94 cents, but it fell short of this projection. 

Blackstone’s net profit from asset sales also experienced a decline of 36%, largely due to higher interest rates and geopolitical tensions. Despite these setbacks, the company’s private equity portfolio saw a positive growth of 2.4%, and it managed to raise $25.3 billion in new capital during the quarter. 

Notably, Blackstone made history by becoming the first private equity firm to be included in the prestigious S&P 500 index.

 Madhupriya Dhanwate