Home > Finance > Sunteck Realty July-September sales up 98% on quarter, collections jump 117%

Sunteck Realty July-September sales up 98% on quarter, collections jump 117%


MUMBAI: Property developer Sunteck Realty has recorded robust sales for the quarter ended September despite the Covid19 induced impact on the economy. Sales for the quarter grew 98% sequentially and 96% on-year to Rs 200 crore.

Collections for the quarter also rose 117% to Rs 141 crore, the company said in a regulatory filing.

Following the resumption of operations post the lockdown in Mumbai, the company has continued its sales momentum, supported by its digital platform, SunteckAer as well as various other marketing initiatives for the ready-to-move-in and nearing-ready inventory.

With the construction activity inching towards pre-COVID levels, the company remains focused on accelerating the progress across the portfolio to offset the time lost on account of the ongoing pandemic.

“Certainly, the momentum has picked up. A combination of favorable factors such as the reduced stamp duty and low interest rates is expediting the decision time cycle for prospective customers…While our strong pre-sales in FY2020 would ensure higher collections in FY21, now, with the home loans getting disbursed again, we are confident that our collections will grow much stronger from here on,” said Kamal Khetan, Chairman and Managing Director, Sunteck Realty.

The stamp duty reduction by the Maharashtra government has led to a sharp recovery in September housing sales in Mumbai, the country’s most expensive property market, as indicated by the registration activity during the month.

Registration of sales agreements stood at 5,597 in September, nearly 95% of pre-Covid level seen in February. The registration number rose 110% from July, showed data from the office of the Inspector General of Registration Maharashtra.

In August, the government of Maharashtra had announced reduction in stamp duty on property registrations to 2% for transactions between September 1 and December 31 from 5% earlier. The stamp duty will be 3% for agreements to be registered between January 1 and March end.

Khetan added that Sunteck Realty is seeing a trend of increased interest and demand for ready projects in Borivali and Goregaon suburbs of Mumbai.

According to industry experts, there is a renewed interest for well located projects with large planned layouts of organized developers with strong balance sheet and brand recall.

On Monday, Bengaluru-based developer Sobha also announced sales worth Rs 690 crore for the September quarter.

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