NEW DELHI: Kolte-Patil Developers Ltd has reported a 13% decline in sales bookings, amounting to Rs 670 crore for Q2 of this fiscal year, attributed to reduced area sold amidst declining demand in the Indian residential sector.
In the same period last year, sales bookings were ₹770 crore.
According to a regulatory filing from the Pune-based firm, sales volumes fell by 17%, totaling 0.86 million square feet in the July-September quarter compared to 1.03 million square feet the previous year.
In the first half of the fiscal year, the company’s sales bookings decreased by 13% to Rs 1,286 crore, down from ₹1,481 crore during the same period last year.
In terms of volume, sales booking declined by 15% to 1.70 million square feet from 1.99 million square feet year-over-year in the April-September period.
Property consultants have noted a drop in housing sales among the top 7-8 major cities during the July-September quarter, citing reasons like high prices and limited supply of affordable homes.
Builders and brokers are optimistic about a recovery in demand during the upcoming festive quarter.
The company has recently acquired a 7.5-acre plot in Pune to develop a housing project valued at approximately Rs 1,400 crore.
This project is expected to feature an estimated saleable area of around 1.9 million square feet.
The specifics of the transaction, including the seller’s identity and acquisition cost, were not disclosed.
Kolte-Patil has completed over 68 projects, ranging from residential complexes to integrated townships and IT parks, with a total saleable area exceeding 30 million square feet in Pune, Mumbai, and Bengaluru.
Kolte-Patil Developers stands as one of the leading real estate firms in the country.
