Lodha’s sales booking up 60% in Jan-Mar qtr at Rs 2400cr

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Lodha’s sales booking up 60% in Jan-Mar qtr at Rs 2400cr

New Delhi, Apr 3 (PTI) Realty major Lodha group sold properties worth about Rs 2,400 crore in the January-March quarter of last fiscal as its sales improved post demonetisation.

“Sales have recovered after demonetisation. We sold about Rs 385 crore worth properties in January and Rs 800 crore in February. In March, we have sold properties of Rs 1,236 crore which is our highest monthly sales performance ever,” Lodha Group Chief Sales Officer Prashant Bindal told PTI.

The company’s sales bookings stood at about Rs 1,500 crore in the year-ago period, he added.

Bindal said the company’s total sales bookings in 2016-17 are likely to cross about Rs 6,400 crore that was achieved in the previous year. The total sales number would be finalised soon.

Sales bookings of the Mumbai-based group declined to about Rs 400 crore level in November and December due to adverse impact of demonetisation, he said.

Two residential projects, World Towers and Palava, in the Mumbai Metropolitan region contributed the most to overall sales bookings.

Bindal said housing sales have picked up, especially in low-cost homes category, after the government’s announcement of infrastructure status to the affordable housing and other tax and interest subvention incentives.

“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,” he said.

Privately held Lodha Group is a leading real estate developer with presence in India and the United Kingdom.

The company is currently developing around 41 million sq ft of prime residential real estate. It has 31 ongoing projects across London, Mumbai Metropolitan Region, Pune and Hyderabad.

This is published unedited from the PTI feed.