The realty developer, Lodha Group, has announced at the end of the financial year 2016-17 that it has sold properties worth about Rs 2,400 crore in the last quarter.
Though demonetisation had hit on sales for some time but recovery period has been fruitful started from the month of January in 2017. Lodha Group has sold about Rs 385 crore and Rs 800 crore worth properties in January and February respectively. The company broke its all-time record of monthly sales with Rs 1,236 crore worth property sale, confirms Prashant Bindal, Chief Sales Officer, Lodha Group.
The company expects that the total sales bookings in 2016-17 will cross the last year’s achievement of about Rs 6,400 crore.
This growth is due to the government’s announcement of infrastructure status to the affordable housing and tax and interest subvention incentives. After the budget announcement, the homebuyers were more inclined towards low-cost housing which was the prime reason behind the boost in the company’s housing sales. In this duration, Lodha Group also delivered two of its biggest residential projects World Towers and Palava in Mumbai Metropolitan Region (MMR).
“We have handed over more than 7,100 homes to customers in 2016-17. We spent almost Rs 4,000 crore on construction, which is the equivalent of completing construction of 2 crore sq ft in one year,” says Bindal.
Source: ET Realty