New Delhi: Property developer Lodha Group is expecting record monthly sales of Rs1,200 crore in October, when people make high-value purchases ahead of Diwali, a top executive said.
The developer recorded sales of Rs800 crore in September, helped by its Palava City, New Cuff Parade and Amara projects, chief sales officer Prashant Bindal said.
September was the best month for the firm in terms of sales this year and sales in October are likely to be better.
“During the monsoon in Mumbai, when most consumers lie low, we did our homework very well and came up with a lot of consumer research, launched our products before time and this gave us huge dividends during the ‘shraadh’ (a period when Hindus avoid any transactions) and will also give us very good business in the month of October,” Bindal said.
The firm was able to close bookings worth Rs100 crore on Dussehra, which is considered an auspicious day to buy property.
Since September, the firm has closed bookings worth Rs700 crore in its mega township in Palava City, helped by the launch of its new project Codename Golden Tomorrow.
Palava City is a township project near Navi Mumbai, coming up on 4,500 acres, and comprises residential units, schools, hospitals and office space. It has already sold some 25,000 residential units.
It has also sold nearly three floors at its luxury Altamount residential project in Mumbai, where the smallest unit costs as much as Rs26 crore. The project has generated bookings worth Rs185 crore.
With the uptick in sales, the firm expects to clock revenue of Rs10,000 crore in 2017-18, Bindal added. The company has set an annual sales target of Rs20,000 crore in five years’ time. It also expects to sell the remaining inventory in its Trump Tower in Worli, which is being constructed in partnership with US presidential candidate and real estate mogul Donald Trump’s firm.
Lodha has already sold nearly 70% of the units in Trump Tower, with nearly a quarter of the sales coming from Indian customers based in the US.