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Last Updated : | Source: PTI

ATS group sells 975 flats worth Rs 1000 crore in three months

ATS group launched a three month campaign starting mid-May where it put on sale flats across 15 under construction projects in Noida, Greater Noida, Gurugram, Mohali and Chandigarh.

Representative Image
Representative Image

Realty firm ATS group has sold 975 flats worth Rs 1,000 crore during the last three months on improved housing demand, a senior company official said today. The sales figure also includes that of Homekraft, its JV firm with HDFC Capital.

Earlier, Gaurs group, another major developer in the National Capital Region (NCR), had reported sales if over 5,000 properties worth Rs 2,000 crore during the last four months.

Realtors' body CREDAI and property consultant JLL India, in their joint report, said that housing sales in India's top seven cities have revived post demonetisation to rise by 25 percent in the first six months of this year.

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However, Knight Frank India said sales growth was marginal at 3 percent in the same period.

ATS group launched a three month campaign starting mid-May where it put on sale flats across 15 under construction projects in Noida, Greater Noida, Gurugram, Mohali and Chandigarh.

"There is an improvement in market sentiments leading to rise in housing demand. We sold 975 units in this three-month campaign valuing about Rs 1,000 crore," Homekraft CEO Prasoon Chauhan said.

Out of the total sales, he said about 650 units were of ATS brand and 325 units of Homekraft. The average sale price of ATS projects was Rs 1.25 crore, while ticket size of Homekraft was Rs 55 lakh.

Chauhan said the end-user demand is shifting towards real estate companies having good projects execution track record.

Asked about the impact of GST, he said, "We are charging only 6 percent GST as we are passing on the input credit". There is 12 percent GST on under-construction flats and no GST on completed units.

"ATS has created a name in building world class projects and has earned goodwill of customers by delivering projects on time and with best in class construction quality," ATS group CMD Getamber Anand said.

Chauhan, who is also sales head of the entire group, said this sales momentum would continue in the upcoming festive season driven by end-user demand.

ATS group has delivered 30 million square feet of residential space and is constructing 40 million square feet.

In March this year, ATS group founder Getamber Anand launched a new venture HomeKraft to develop mid-income and affordable housing projects in a price range of Rs 30-70 lakh.

Recently, HDFC Capital Affordable Real Estate Fund a fund managed by HDFC Capital Advisors Ltd acquired a "significant minority" stake in HomeKraft and created a $300 million corpus to develop affordable and mid-income housing projects.

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First Published on Aug 23, 2018 02:25 pm
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