Bengaluru-based realty firm Brigade Enterprises Ltd’s sales bookings grew by 59 per cent to Rs 1,310.6 crore in the first half of this fiscal year, driven by a revival in housing demand and low-interest rate on home loans.
According to an investors presentation, Brigade Enterprises, one of the leading real estate developers of the country, has sold properties worth Rs 1,310.6 crore during the April-September period of 2021-22 against Rs 825.9 crore in the corresponding period of the previous year.
The sales bookings in value terms increased by 48 per cent to 20,78,000 square feet from 14,09,000 square feet.
The average sales realisation improved by 8 per cent to Rs 6,304 per square foot during the first half of this fiscal from Rs 5,864 per square foot in the year-ago period.
Out of the total sales bookings, the residential segment contributed Rs 1,277.3 crore during April-September of FY22, an increase of 62 per cent from Rs 788.9 crore a year ago.
Sales bookings of commercial properties fell 10 per cent to Rs 33.3 crore from Rs 37 crore during the period under review.
Last week, Brigade Enterprises reported a consolidated net profit of Rs 12.03 crore for the quarter ended September 30, compared to a net loss of Rs 17.08 crore in the year-ago period.
Its total income stood at Rs 776.08 crore in the second quarter of this financial year against Rs 322.06 crore in the corresponding period of the previous year.
Commenting on the results, the company’s Chairman and Managing Director had said, Led by strong sales and significant growth in our residential business, we have had another strong quarter as the pandemic wanes”.
The company has a strong pipeline of residential projects to help continue the momentum, he added.
"There are promising signs of revival in our office business, supported by increased enquiries, physical site inspections and closures,” Jaishankar said.
At present, Brigade has about 17.78 million square feet of ongoing projects and 2.18 million square feet of upcoming projects.
Established in 1986, the company has developed many projects across southern India, namely Bengaluru, Mysuru, Hyderabad, Chennai and Kochi.
It has built residential, commercial, retail and hospitality projects.
Since its inception, Brigade has completed over 250 buildings, amounting to over 71 million square feet of developed space across a diverse real estate portfolio.