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Kolte-Patil Developers reported a 13 per cent decline in sales bookings, totaling INR 670 crore in the second quarter of the current fiscal year, due to lower area sales amid a slowdown in the residential market. Sales volumes dropped 17 per cent to 0.86 million square feet, while first-half bookings fell 13 per cent to INR 1,286 crore. Experts cited high property prices and limited affordable housing as key factors affecting sales in major cities. The company recently acquired 7.5 acres in Pune for a new INR 1,400 crore housing project with 1.9 million square feet of saleable area.
Kolte-Patil Developers Ltd reported a 13 per cent decline in its sales bookings, reaching INR 670 crore in the second quarter of the current fiscal year, as it sold less area amid an overall slowdown in the Indian residential market. Sales bookings had stood at INR 770 crore in the same quarter last year, reflecting the impact of subdued demand. Advertisement
In its regulatory filing earlier this week, the Pune-based developer stated that sales volumes fell 17 per cent to 0.86 million square feet during the July-September period, compared with 1.03 million square feet in the corresponding period last year. During the first half of the fiscal year, total sales bookings declined 13 per cent to INR 1,286 crore from INR 1,481 crore in the previous year. Volume-wise, sales fell 15 per cent to 1.70 million square feet from 1.99 million square feet.
Real estate experts have highlighted that housing sales in major cities, including Pune, Mumbai, and Bengaluru, were weaker during the quarter due to rising property prices and a limited supply of affordable homes. Builders and brokers are optimistic that the festive season may boost demand and improve sales in the coming months.
Kolte-Patil has also recently acquired a 7.5-acre land parcel in Pune to develop a new housing project valued at approximately INR 1,400 crore. The upcoming project is expected to provide around 1.9 million square feet of saleable area. The company has not disclosed the seller's identity or the cost of the acquisition.
Over the years, Kolte-Patil has developed and constructed more than 68 projects, including residential complexes, integrated townships, commercial complexes, and IT parks, covering a cumulative saleable area of over 30 million square feet across Pune, Mumbai, and Bengaluru. The company has established itself as one of India's leading real estate developers with a consistent track record in delivering large-scale residential and commercial projects.
Source PTI
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