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Bengaluru-based developers have been seeing strong housing demand as the residential market turned a corner with sales momentum consistently improving over the year. Brigade Enterprises Ltd's sales bookings grew by 9% during the last fiscal year at record 3,022.7 crore on better housing demand.

In its investors presentation, the Bengaluru-based developer said: "Achieved highest ever pre-sales of ~4.7 million sq ft with sale value of 30,227 million in FY22, an increase of 9% from FY21". Out of the total sales bookings, sales bookings in housing segment rose 11% to 2,950.5 crore during the last fiscal year from 2,657.9 crore in 2020-21.

“It is very encouraging to end FY22 on a good note with the best ever sales and collections, till date. This is notwithstanding the second and third waves of COVID-19 as well as an increase in construction costs," said M R Jaishankar, Chairman and Managing Director, Brigade Enterprises.

Almost all the real estate developers have reported a record sales bookings during the last fiscal year. Bengaluru-based Prestige Estates reported a 90% increase in sales bookings to a record 10,382.2 crore during last financial year, which is likely to be the highest sales bookings in the year among the listed real estate developers.

Meanwhile, Tata Housing's recently launched project's ‘Swaram' plots at Devanahalli in Bengaluru were sold out within 36 hours of its launch. "We sold all 157 plots for 130 crore," said Tata Realty and Infrastructure CEO & MD Sanjay Dutt. In an interview with Dutt noted that the demand for plots has increased significantly during the pandemic.

Indian real estate market is showing a strong recovery since last year where the sector has been bottoming out in terms of both volumes and prices. The property market is rebounding after being in a down cycle for the last six years as a series of headwinds ranging from the pandemic, a bad-loan crisis and a surprise 2016 cash ban hurt demand for new houses and apartments.

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