Real estate developer has recorded 55% sequential and 36% on-year jump in pre-sales or bookings at Rs 272 crore for the quarter ended September. Both pre-sales and collections witnessed robust growth along with high collections efficiency.
Collections for the quarter also rose 20% sequentially and 47% from a year ago as the company continued its robust operational momentum achieved in the first quarter of FY2022, the company said in a regulatory filing.
The developer’s focus on execution of its existing portfolio complemented by in-house development capabilities has been an enabler in maintaining the sustained growth in cash flows. With projects across the pricing spectrum in Mumbai Metropolitan Region (MMR), the company is confident to maintain the sturdy growth in pre-sales driven by new launches as well as ready-to-move-in inventory, the company said.
In the second quarter of the current financial year, the developer also announced a value-accretive joint development plan with Amar Dye Chem at Shahad in Kalyan near Mumbai.
The 50-acre project with a potential development of around 10 million sq ft, is expected to generate revenue of around Rs 9,000 crore over the next 7-8 years. This will further strengthen the cash flow and the balance sheet of the company.
The company has been a key beneficiary of the market consolidation in the residential sector, allowing it to expand its business portfolio at attractive return opportunities.
In the last 18 months, Sunteck has acquired 4 projects at Vasai, Vasind, Borivali and Shahad (Kalyan) adding around 18 million sq ft to its project portfolio. Going forward, the company expects to leverage its brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increase overall market share.