"Collective revenues in third quarter of fiscal 2020 stood at a little less than Rs 5,800 crore, increasing 4 percent on a quarterly basis and 2 percent in a year," the report by Anarock said.
Despite headwinds, the revenue from housing sales of the top nine stock exchange-listed real estate developers touched Rs 5,800 crore during the third quarter of this fiscal year, a report has said.
This revenue during the festive season jumped 4 percent QoQ and 2 percent annually for these real estate developers. In the first nine months of FY20, listed developers sold housing projects worth Rs 16,500 crore against almost Rs 15,730 crore last year – a 5 percent rise, the report by Anarock noted.
Godrej Properties, Prestige Estates and Sobha were the top three players with maximum sales revenue during the first nine months of FY20. Together, they accounted for a 55 percent share of the total sales revenue of Rs 16,500 crore. These three players topped the list Last year as well with collective sales revenue of Rs 8,500 crore,the report by the property consultant noted.
The total residential space sold by these top players (excluding DLF) between April-December was approximately 21 million sq ft as against a little over 20 million sq ft a year ago, it said.
"Housing sales revenue of the top 9 stock exchange-listed developers continued to grow steadily in the last festive quarter. Despite all headwinds, their collective revenues in third quarter of fiscal 2020 stood at a little less than Rs 5,800 crore, increasing 4 percent on a quarterly basis and 2 percent in a year," the report said.
The report also noted that the trend of developers deliberately restricting new supply continues, as increasing launches at this juncture can lead to more unsold stock and reflect negatively on cash flows.
New launches by the top 9 listed developers (excluding DLF) more than halved during the period – from 31 million sq ft area in April to December FY19 to nearly 15.71 million sq ft in the corresponding period of FY20.
The total area sold by these top developers (excluding DLF) during the festive quarter was nearly 7.1 million sq ft. against 7.2 million. sq ft in the preceding quarter, and 7.9 million sq ft a year ago.
The top listed developers analysed include DLF, Sobha, Puravankara, Prestige Estates, Brigade Enterprises, Mahindra Lifespace Developers, Godrej Properties, Oberoi Realty and Kolte Patil developers.The total area sold, in million sq ft, was slightly higher during last year’s festive quarter (October-December FY 19), while the total revenue was more this year. This indicates that the sale of homes other than affordable housing saw a higher overall sales value, said Anuj Puri, Chairman, ANAROCK Property Consultants.