Century Real Estate Records 68% Growth in Residential Business
Century Real Estate recorded its best-ever calendar year in residential sales, with a significant 68% growth in net sales revenues compared to the previous CY, with the just-concluded festive OND quarter being the best quarter of all time. With this, more than half the projects that the company had in its portfolio at the start of the CY, have been sold out indicating the rising demand for its high-quality homes & plotted developments. Century Real Estate is planning to bring in more of its owned land parcels into new development projects to meet the growing demand in the years to come. “2021 has been among one of our best years ever, registering 68% growth YoY in sales revenues, and with 2.1 mn sq ft of projects nearing completion. We shall keep the momentum going as we strive to become an INR 1,000 crore company in terms of the residential business, in the next two years. In FY22, in addition to bringing in more residential projects, we are also looking at expanding our commercial portfolio on the back of our prime land parcels in North Bengaluru, of which ~4 mn sq ft has already been unlocked with a mix of our own development and marquee partners,” said P Ravindra Pai, Managing Director, Century Real Estate. During CY 2021, the near-RTMI Century Ethos - a luxury offering in prime Hebbal - was among the hottest selling properties in the micro-market; underlining the popularity of projects close to delivery & offering large open spaces, in the post Covid era. Two plotted developments launched by the company in 2021 under the CenturyMarkTM umbrella - Century Greens 2 & Century Seasons, were sold out and also created strong appreciation value for the early buyers. Century Real Estate currently has 3.1 mn sq ft of area under construction across nine locations and has an additional 2.1 mn sq ft of projects nearing completion. The company is set to begin work on projects across a total area of 3.6 mn sq ft in CY 2022. The company received a fresh investment of Rs 175 Cr for Century Ethos from the international investment firm PAG during this year, which further reiterated the ever-increasing confidence of local and foreign investors & consumers in the promising North Bengaluru region.
Tags : News/Views Bengaluru growth Foreign investors Century Real Estate Land Parcels residential business Plotted developments Open Spaces