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The robust sales momentum has helped the developer report 124% on-year growth in sales worth Rs 694 crore for the nine months ending December. The performance in the three quarters of 2022-23 is over 1.6 times of the annual sales recorded in 2021-22.
“This growth demonstrates our team’s commitment, customer experience and favorable market sentiments. We continue to focus on scaling our operations while maintaining a strong balance sheet. The sales for the quarter demonstrate the demand for our high-quality developments and our ability to meet the needs of our customers, obtained through inventory bookings in active projects, including the recently launched premium residences at Juhu, Ajmera Prive,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India.
The company sold 63,595 sq ft during the December quarter including a recently launched project in Mumbai’s plush Juhu locality. This new project has achieved bookings of over 10% of the sales potential on receipt of its RERA registration during the quarter.
During the first three quarters, the company has sold over 3.01 lakh sq ft space, up 69% from a year ago. The company’s collections during the December quarter rose 40% to Rs 116 crore, while it grew 42% for the nine-month period to Rs 429 crore.
This incremental value is a translation of sales velocity witnessed primarily across newly launched projects in Mumbai during the period. The company is optimistic of maintaining the healthy pre-sales growth momentum which will further propel an increase in its market share.
According to Ajmera, the Indian real estate market has been immune to market volatility and has been the most preferred asset class for investors irrespective of many ups and downs.
A promising economic outlook will continue to encourage first time homebuyers. Residential real estate is poised for strong growth and the market will ride on factors such as innovation, digitization, and customer experience.
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