Top 9 listed developers saw 57% growth in revenue in H120221 min read . Updated: 22 Nov 2021, 07:11 PM IST
- Driven by homebuyers' increasing preference for branded homes, the listed developers have once again out-performed the market, Anarock said
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The top nine listed real estate developers clocked ₹14,883 crore of revenue during the first six months of 2021-22, up from ₹9,483 crore in the first six months of last year, as demand and sales of branded homes gained pace, according to data by Anarock Property Consultants.
Even as the second wave of covid-19 wave disrupted businesses in the April-June quarter, these developers witnessed a 57% year-on-year growth in their overall residential booking revenue during the first six months.
The top listed developers analyzed are Sobha Ltd., Puravankara Ltd., Prestige Estates, Brigade Enterprises Ltd., Mahindra LifeSpaces Developers Ltd., Godrej Properties Ltd., Oberoi Realty Ltd., Kolte-Patil Developers, and Macrotech Developers (previously Lodha Group).
"In terms of area, these 9 listed developers sold approx. 18.46 mn sq. ft. of housing space in H1 FY22, again in remarkable contrast to approx. 13.28 mn sq. ft. in the corresponding period a year ago. Amounting to an annual growth of 39%, the total residential area sold in H1 FY22 has also surpassed that of the corresponding pre-COVID-19 H1 period (FY20 period), when approx. 17.2 Mn sq. ft. area was sold," said Anuj Puri, chairman, Anarock Group.
Driven by homebuyers' increasing preference for branded homes, the listed developers have once again out-performed the market, Anarock said. They have also reconfigured their supply pipeline to deliver projects in the affordable, mid-segment and premium categories of homes.
The ongoing low interest rate regime and homebuyers' desire to avoid construction-related risks also played a significant role.
"Less than a decade ago, a largely speculator-driven housing market saw unnatural demand chasing the wrong kind of supply," said Puri. "Today, these players are unleashing right-priced, right-sized supply clearly aimed at organic end-user demand. This is the result of intensive market research before pressing the 'commit' button and is one of the most notable features of the reinvented Indian housing market."
As expected during H1 FY22, the residential market's September quarter performance was better than the first.
Macrotech has clocked ₹2960 crore of sales booking in H12022 compared to ₹1575 crore in the corresponding year-ago period. Similarly, Bengaluru-based Sobha ₹1713 crore of sales bookings, compared to ₹1177 crore during the period.
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