Housing sales bookings of top nine listed real estate developers rose 2 percent to nearly Rs 5,800 crore during the third quarter of this fiscal year, according to property consultant Anarock.
Sales bookings of DLF Ltd., Sobha Ltd., Puravankara Ltd., Prestige Estates Projects Ltd., Brigade Enterprises Ltd., Mahindra Lifespace Developers Ltd., Godrej Properties Ltd., Oberoi Realty Ltd. and Kolte Patil Developers Ltd. have been taken into account.
"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 the 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," Anarock said.
The first three quarters of fiscal 2020 indicate that the overall sales bookings of the top 9 developers was close to Rs 16,500 crore as against Rs 15,730 crore during the corresponding period of the previous year.
Godrej Properties, Prestige Estates and Sobha were the top three players with maximum sales revenue during the first nine months of fiscal 2020. Together, they accounted for a 55 percent share of the total sales revenue of Rs 16,500 crore.
"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," the consultant said.
New launches by the top 9 listed developers (excluding DLF) more than halved during the period from 31 million square feet area in April-December fiscal 2019 to nearly 15.71 million square feet in the corresponding period of fiscal 2020.
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