Sunteck Realty | Company announced repayment of amount due to the holders of Commercial Paper. (Image: sunteckindia.com)
Sunteck Realty Ltd on Tuesday said its sales bookings increased 7 per cent year-on-year to Rs 349 crore in the third quarter of this fiscal on better demand.
In a regulatory filing, the Mumbai-based developer said its sales bookings stood at Rs 349 crore during October-December quarter, as against Rs 325 crore in the same period of the previous fiscal.
On a quarter-on-quarter basis, sales bookings in Q3 were up 75 per cent from the previous quarter that saw sales of Rs 200 crore.
During the first nine months of 2020-21 financial year, sales bookings have risen 6 per cent to Rs 650 crore, from Rs 613 crore in the corresponding period of the previous year.
"As operations resume post lockdown, the company has continued its strong sales momentum, supported by its ready-to-move-in, nearing-ready inventory as well as newly launched projects," Sunteck Realty said.
With the construction activity returning to pre-COVID levels, the company said it would focus on accelerating the project progress to offset the time lost on account of the ongoing pandemic.
Sunteck has a development portfolio of about 38 million square feet spread across 27 projects.
On Monday, property brokerage firm PropTiger reported a 47 per cent decline in housing sales across eight major cities in 2020 to 3,47,586 units, from 1,82,639 units during the previous year due to the COVID-19 pandemic.
However, sales rose 68 per cent to 58,914 units in the October-December period of the 2020 calendar year compared to the previous quarter on pent up, as well as festive demand, reflecting signs of recovery in the residential property market.