Sunteck Realty Q3 sales bookings up 7% at ₹349 cr

Sunteck Realty Ltd on Tuesday said its sales bookings increased 7 per cent year-on-year to ₹349 crore in the third quarter of this fiscal on better demand.

In a regulatory filing, the Mumbai-based developer said its sales bookings stood at ₹349 crore during October-December quarter, as against ₹325 crore in the same period of the previous fiscal.

On a quarter-on-quarter basis, sales bookings in Q3 were up 75 per cent from the previous quarter that saw sales of ₹200 crore.

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During the first nine months of 2020-21 financial year, sales bookings have risen 6 per cent to ₹650 crore, from ₹613 crore in the corresponding period of the previous year.

‘Strong sales momentum’

“As operations resume post lockdown, the company has continued its strong sales momentum, supported by its ready-to-move-in, nearing-ready inventory as well as newly launched projects,” Sunteck Realty said.

With the construction activity returning to pre-Covid levels, the company said it would focus on accelerating the project progress to offset the time lost on account of the ongoing pandemic.

Sunteck has a development portfolio of about 38 million square feet spread across 27 projects.

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On Monday, property brokerage firm PropTiger reported a 47 per cent decline in housing sales across eight major cities in 2020 to 3,47,586 units, from 1,82,639 units during the previous year due to the Covid-19 pandemic.

However, sales rose 68 per cent to 58,914 units in the October-December period of the 2020 calendar year compared to the previous quarter on pent up, as well as festive demand, reflecting signs of recovery in the residential property market.