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Pre-sales for the December quarter at Sunteck Realty Ltd. increased by 12% YoY. The pre-sales jumped to Rs 396 crore from Rs 352 crore during the same period last year. Pre-sales increased 33 percent to Rs 1,066 crore during the nine-month period ending in December 2022 compared to Rs 800 crore during the same period last year.
In the real estate industry pre-sales refer to agreements between purchasers and developers to purchase or sell a property before it has been constructed. The real estate company collected Rs 304 crore this time versus Rs 270 crore over the same period last year. Total collections for the nine-month period from April to December 2022 were Rs 1,066 crore compared to Rs 920 crore during the same period last year. Pre-sales increased by 24 percent in the September quarter to Rs 337 crore from Rs 272 crore in the corresponding quarter previous year. The company also recorded a 60 percent increase in receipts for the September quarter, approx Rs 331 crore.
Additionally, the company's collection efficiency increased from 81 percent for the same period in the previous fiscal to 86 percent for the nine-month period ending in December 2022. Sunteck Realty is involved in the development of real estate with a primary concentration on residential and commercial projects. The company has constructed two corporate business centres of the highest international standards in Mumbai's Bandra Kurla Complex.
Sunteck Realty Limited is company founded by Kamal Khetan. In March 2009, it partnered with Oman-based WJ Towell Group and Piramal Group and established a 51:49 joint venture with Bank of Muscat to develop real estate projects in Oman. The company received the Luxury Pole Project of the Year in 2017 and the NDTV Real Estate Award for Signature Island in 2016. The company was listed as a Fortune Next 500 company of the year. 2017, 2018, 2019 and 2020.
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