Brigade Enterprises' sales bookings up 14% Rs 1,995 cr in Apr-Dec on better housing demand

Bengaluru-based realty firm Brigade Enterprises Ltd's sales bookings increased by 14 percent to Rs 1,994.8 crore in the first nine months of this fiscal, mainly on the back of revival in housing demand.

According to an investor's presentation, the company sold properties worth Rs 1,994.8 crore during the April-December period of 2021-22, as against Rs 1,749.1 crore in the corresponding period of the previous fiscal.

Out of the total sales bookings, the housing segment contributed Rs 1,957.4 crore, up 17 percent from Rs 1,668.2 crore in the year-ago period.

Sales of commercial properties fell 54 percent to Rs 37.4 crore from Rs 80.9 crore.

The sales realization rose by 6 percent to Rs 6,298 per square feet from Rs 5,945 as the company increased its housing prices due to a rise in rates of key raw materials like cement.

Sales bookings in volume terms rose 8 percent to 3.2 million square feet in the first nine months of this fiscal year.

''In the residential segment buyer sentiment continues to be positive as witnessed with the demand in our ongoing and completed residential projects with Brigade continues to be the brand of choice for customers seeking to buy a new home,'' said M R Jaishankar, chairman and managing director, Brigade Enterprises Ltd.

He added that the company is in the process of tying up about 15 million square feet of new projects across Bengaluru, Chennai, and Hyderabad.

Almost all listed real estate developers have reported robust sales bookings during the first nine months of this fiscal on revival in housing demand and consolidation of demand towards trusted developers that have a good track record of completing projects.

Recently, the real estate portal PropTiger.com reported that housing sales increased 13 percent in 2021 to 2,05,936 units across eight major cities from 1,82,639 units in the previous year.

The new launches of housing units rose 75 percent to 2.14 lakh units in 2021 compared to 1.22 lakh units in the preceding year.

Brigade Enterprises Ltd reported a consolidated net profit of Rs 78.36 crore for the quarter ended December. The company had posted a net loss of Rs 16.12 crore in the year-ago period.

Total income rose to Rs 933.19 crore in the third quarter of this fiscal from Rs 653.65 crore in the corresponding period of the previous year.

Brigade Enterprises is one of the leading real estate developers in South India with over 35 years of experience. It is into housing, office, retail, and hospitality projects.

(With inputs from PTI)

Published on: Sunday, February 27, 2022, 02:49 PM IST