Oberoi Realty Q1 Sales Booking Jumps Over Fourfold To Rs 752 Crore
RBI's recent decisions to hike repo rate by 90 basis points will have some impact on sales in the second half of this year.
Oberoi Realty's sales bookings jumped over fourfold to Rs 752 crore in June quarter as compared to the year-ago period on lower base effect and better demand for its properties.
Sharing operational update for the first quarter of current fiscal year, the Mumbai-based real estate developer said it achieved sales bookings of 164 units during April-June 2022 as against mere 39 units in the corresponding period of previous year.
In terms of volume, Oberoi Realty's sales bookings stood at 4,01,182 square feet in April-June 2022 as compared to 92,128 square feet in the year-ago period.
The sales bookings in terms of value stood at Rs 752 crore during the first quarter of this fiscal year as against Rs 170 crore in the corresponding period of previous year.
Housing sales in April-June 2021 were adversely impacted due to the deadly second wave of the COVID-19 pandemic.
Macrotech Developers on Wednesday reported a nearly three-fold jump in sales bookings at Rs 2,814 crore in June quarter.
According to reports of various real estate consultants as well, housing sales surged in the first quarter when compared with the year-ago period's.
Anarock reported that sales jumped 3.5 times during April-June to 84,930 units across seven major cities from 24,569 units in the same period last year.
Housing brokerage firm PropTiger released its data, which showed that sales jumped 4.5 times year-on-year in April-June across eight cities at 74,330 units.
According to Knight Frank India, housing sales of residential properties rose 60 per cent year-on-year in January-June this year across eight major cities at 1,58,705 units, the highest half-yearly demand in nine years.
Besides lower base effect, the demand was driven mainly by comfortable interest rates on home loans.
Market experts feel that the RBI's recent decisions to hike repo rate by 90 basis points will have some impact on sales in the second half of this year.