Sunteck Realty Ltd witnessed a 12 percent growth year-on-year in its pre-sales for the December quarter. The pre-sales increased to Rs 396 crore from Rs 352 crore in the same period a year ago.
The total pre-sales in the nine-month period ending in December 2022 surged 33 percent to Rs 1,066 crore as against Rs 800 crore in the year-ago period.
Pre-sales in real estate refer to contracts that buyers and developers sign to buy or sell a property before it has been built. The real estate major’s collections stood at Rs 304 crore compared to Rs 270 crore in the same period a year ago. For the nine-month period between April-December 2022, total collections stood at Rs 1,066 crore as against Rs 920 crore in the corresponding period a year ago. In the September quarter, the company reported a 24 percent growth in pre-sales at Rs 337 crore compared to Rs 272 crore during the same period last year. In the September quarter, the company also reported a 60 percent growth in collections at nearly Rs 331 crore.
Further, the collection efficiency of the company stood at 86 percent for the nine-month period ending in December 2022 compared to 81 percent for the same period in the previous fiscal. Sunteck Realty is engaged in real estate development and mainly focuses on residential and commercial projects. The company has built two international standard corporate business centres in the Bandra Kurla Complex in Mumbai. Shares of Sunteck Realty are trading nearly 2 percent higher at Rs 375.95.