Bengaluru-based Embassy Group has clocked a revenue of Rs 1,370 crore for its residential business, up 210 percent annually, in FY23, the company said in a regulatory filing.
For FY23, the company sold about 1.07 million square feet of housing space, boosted by an uptick in the sales of luxury housing and a growing preference towards ready-to-move-in projects.
Currently, apartments at the Embassy Group’s projects start at Rs 2 crore. For the same financial year, the average price realisation was Rs 11,615 per square foot.
"The revenue growth is a clear indicator of positive homebuyer sentiment and an increased preference for luxury projects in Bengaluru, the third top-performing luxury housing market in India after Mumbai and NCR," said Reeza Sebastian Karimpanal, executive president, residential business, Embassy Group.
Aditya Virwani, COO of Embassy Group, added that the company is currently engaged in ongoing negotiations for joint ventures, joint development agreements and low-capex acquisitions to further strengthen the project pipeline across cities. "We are optimistic that significant revenue generation will enable growth and debt reduction, leading to an augmentation in growth potential," he said.
The company plans to launch at least four new residential projects in FY24, with a development potential of 5 million square feet and an expected gross revenue of over Rs 3,000 crore.
Bengaluru’s contribution to total luxury housing sales has doubled from the previous year’s 5 percent to 10 percent in 2022. When it comes to the luxury market in Bengaluru, growth has been visible in North Bengaluru, home to global investments and luxury lifestyles.
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