Realty agency Shriram Properties Ltd. has clocked 40% development in sales bookings to ₹608 crore within the second quarter of this fiscal 12 months on higher demand for its housing tasks. Sales bookings stood at ₹435 crore within the year-earlier interval.
According to an investor presentation, Shriram Properties sales bookings grew 14% to 1.15 million sq. ft. through the July-September interval of this fiscal from ₹1.01 million sq. ft. within the corresponding interval of the earlier 12 months.
Shriram Properties attributed the expansion in bookings worth to strong sustenance sales in ongoing tasks and contribution from new phases launched through the July-September quarter.
Higher sales values replicate the change in product combine and improved pricing, it stated.
In the primary six months of the continuing fiscal, Shriram Properties Ltd. achieved sales volumes of 1.9 million sq.ft. – up 14% year-on-year (y-o-y) – and sales values of ₹1,066 crore – up 43% y-o-y.
“We are encouraged by the continuing strong performance that exhibit consistent and remarkable growth trajectory,” Shriram Properties CMD Murali Malayappan stated.
He expressed confidence to maintain development momentum.
“The strong positive under-current in the markets and our demonstrated ability to grow rapidly in a consolidating environment will add further strength. We remain focused on ensuring profitable growth with increased efficiency and superior returns for our stakeholders,” he stated.
Shriram Properties Ltd. (SPL) is considered one of south India’s main residential actual property growth firms, primarily targeted on the mid-market and inexpensive housing classes.
SPL’s key markets embody Bengaluru, Chennai, and Kolkata, collectively accounting for almost 85% of its growth actions.
The firm has delivered 40 tasks with a saleable space of twenty-two.4 million sq. ft., principally in Bengaluru and Chennai.
It has a strong growth pipeline comprising 49 tasks with an mixture growth potential of 51.1 million sq. ft. as of September 30, 2023.
