Sunteck Realty Records 74% On-year Rise in April-June Bookings

Realty developer Sunteck Realty has reported 74% on-year rise in bookings at Rs 176 crore for the quarter ended June led by the performance of its mid-income and affordable housing projects. Collections for the quarter also gr

BY Realty Plus
Published - Wednesday, 14 Jul, 2021

Sunteck Realty Records 74% On-year Rise in April-June Bookings

Realty developer Sunteck Realty has reported 74% on-year rise in bookings at Rs 176 crore for the quarter ended June led by the performance of its mid-income and affordable housing projects. Collections for the quarter also grew 165% from a year ago to Rs 172 crore, the company said in its regulatory filing while providing a quarterly update. The company’s collection efficiency improved to 98% of pre-sales during the quarter as against 64% a year ago. “In the quarter gone by, we continued our strong momentum in operational performance. Both pre-sales and collections witnessed sturdy growth along with high collections efficiency. The industry consolidation is leading to rise in the share of business for organized developers and Sunteck will be one the biggest beneficiaries of this trend,” said Kamal Khetan, Chairman & Managing Director, Sunteck Realty. Going forward, he expects to leverage the company’s brand franchise and management expertise to evaluate new growth opportunities and thereby continue to increase its overall market share. In the financial year 2020-21, the developer has acquired 3 new project acquisitions under the asset-light strategy totalling 8 million sq ft at Vasai, Vasind and Borivali in Mumbai Metropolitan Region (MMR). The company’s core strength of sales and marketing and in-house construction capabilities to help in sustaining robust pre-sales and collections trend going forward, he added. In 2020-21, the developer had recorded highest-ever collections at Rs 780 crore, while reporting bookings worth Rs 1,022 crore.