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Nimbus Projects Ltd reported a 9% rise in sales bookings, reaching INR 239 crore in the second quarter of the fiscal year, compared to INR 220 crore during the same period last year. Pre-sales in the first half totaled INR 311 crore, showing steady growth. The company expects to acquire an additional 24,365 sq m of land from the Uttar Pradesh government in Greater Noida to develop projects worth INR 1,100 crore. Nimbus continues ongoing residential projects in Noida and Greater Noida, including the upcoming luxury development 'Arista Luxe.'
Nimbus Projects Ltd has reported a 9% increase in its sales bookings, which rose to INR 239 crore in the second quarter of the fiscal year, compared with INR 220 crore in the same period last year. In the first six months, pre-sales reached INR 311 crore, reflecting steady growth and consistent demand across its developments. Advertisement
The company operates mainly in Noida and Greater Noida and continues to expand its presence in these key residential markets. Its Joint Venture, IITL-Nimbus The Palm Village, had earlier surrendered 55,219.178 sq m of land out of a total allotment of 1,02,995.70 sq m under the Uttar Pradesh government's PSP Scheme. Following this, the firm submitted a revision petition with the Principal Secretary of the Department of Industrial and Development in Lucknow to review the initial order.
The Principal Secretary accepted the firm's petition and directed YEIDA to recalculate the land allocation, taking into account the interest already paid by Nimbus and following other relevant instructions. As a result, Nimbus expects to receive an additional 24,365 sq m of land in Greater Noida. With a permissible FAR of 3, this will allow the development of approximately 1.10 million sq ft of saleable area. The Gross Development Value (GDV) from this new land is estimated at INR 1,100 crore.
Chairman and Managing Director Bipin Agarwal highlighted that the strong sales and collection figures in Q2 and the first half of the fiscal year reflect customer confidence in the company's projects. He added that with high sales volumes across its developments, Nimbus is well-positioned to maintain momentum and achieve sustained growth in the coming quarters.
Nimbus Group has developed around 8,000 homes in Noida and continues construction on several ongoing projects in Noida and Greater Noida. Earlier this year, the company announced plans to invest approximately INR 1,000 crore to develop a luxury housing project, 'Arista Luxe,' in Sector 168, Noida, consisting of 342 flats. These projects reinforce Nimbus' strategy to strengthen its presence in high-demand residential markets while expanding its development portfolio.
Source PTI
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