Kolte-Patil Developers Report Highest-Ever Qtly Pre-Sales in Q3 FY23
Kolte-Patil Developers Limited with its growing presence in Mumbai and Bengaluru has announced key updates on its real estate operations during the quarter and nine-month period ended 31st December 2022. Reported highest-ever quarterly pre-sales numbers by value and volume in Q3 FY23. Launched ~2 mn. sq. ft. of inventory across 6 projects in Pune and Mumbai. New launches contributed ~57% to the pre-sales value for the quarter. KPDL’s flagship project, Life Republic, crossed the half-million mark to record volumes of 6.62 lakh sq. ft., the highest ever in any one quarter. Achieved sales value of Rs. 1,528 crores during 9M FY23, up 23% YoY, from ongoing as well as new launches. Achieved sales volume of 2.30 million sq. ft. in 9M FY23, up 19% YoY. KPDL’s flagship project, Life Republic, recorded volumes of 1.1 mn. sq. ft for 9M FY23. Sales contribution from projects outside Pune stood at 21% during 9M FY23. Collections grew by 22% during 9M FY23 to Rs. 1,313 crore supported by- an efficient lifecycle of registrations, sales, construction, and robust CRM systems. The company, through its wholly-owned subsidiary Sampada Realities Private Ltd., entered into an agreement with Planet Smart City, for strategic land monetization of a portion of its project ‘Little Earth’ at Kiwale, Pune, for ~Rs. 78 crore, for joint development of ~0.65 mn sq.ft. Entered an agreement with Marubeni Corporation (Japan) during the quarter. Marubeni will invest Rs. 206.5 crore in the Company’s Pimple Nilakh residential project and will be entitled to ~ 2.85 lakh sq. ft. of saleable area in the project. During the quarter, CRISIL Ratings reaffirmed the ratings of the Company’s long-term bank loan facilities as A+/Stable, short-term bank loan facilities as A1, and rated non-convertible debentures as A+/Stable. Commenting on the update, Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “I am happy to report highest ever quarterly pre-sales of Rs. 716 crores, marking a growth of 95% QoQ and 28% YoY. This growth has been achieved on the back of firm realizations and highest-ever quarterly sales volumes which improved 102% QoQ and 31% YoY. Our performance in Q3 was marked by a significant contribution from new launches and continued momentum of customer traction in our existing, sustenance phase projects. It is heartening to see the overwhelming response that we received for new project launches that contributed ~57% to the pre-sales numbers for the quarter. This keeps us on track to deliver 30% growth in pre-sales for FY23. In an important milestone at our flagship project, Life Republic, we crossed the one million mark in volumes during 9M FY23 and for Q3 FY23 we recorded sales volumes of 6.62 lakh sq.ft., the highest ever in any one quarter. Housing demand has been resilient across key markets, backed by improved affordability parameters from the longer-term perspective and the persistence of flexible, hybrid work formats. With increased consolidation and formalization of the sector, buyers and land owners are turning to quality developers and Kolte-Patil is well positioned to capitalize on the opportunities with a focus on delivering value across the entire ecosystem of stakeholders.”
Tags : Kolte-Patil Developers Limited Mumbai Bengaluru real estate operations Rahul Talele Group CEO Kolte-Patil Developers Limited