Ajmera Realty & Infra India has reported a 44 per cent annual drop in pre-sales in the June quarter, while collections fell 47 per cent.
The Mumbai-based real estate developer booked sales worth Rs 225 crore in the reporting quarter, while collections came in at Rs 111 crore. Sequentially, sales were up 60 per cent, while collections rose 8 per cent.
It sold 1.25 lakh square feet, down 14 per cent on year, but close to doubling sequentially.
The company said in the year-ago quarter sales received a boost from the launch of a project called, ‘Manhattan’, the reason for the dip in the reporting quarter. In the June quarter its sales were driven by ‘Ajmera Eden,’ while it also implemented a new sales strategy for its projects in Bengaluru.
“Looking ahead, we are optimistic about favourable market conditions in the real estate sector. With stabilising interest rates, there has been an upturn in customer sentiment and a strong inclination to purchase from trusted brands like ours,” said the company’s director, Dhaval Ajmera, adding that it had a robust launch pipeline ahead.
At 11.30 a.m., shares of Ajmera Realty were up 2.5 per cent at Rs 372.15 on the NSE.