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Kolte-Patil Developers Ltd, a renowned real estate firm based in Pune, recently released an update on its real estate operations for the quarter and half-year ending September 30, 2023. The company's performance in H1 FY24 showcased a substantial 64% growth in sales, totalling INR 1,333 crore. During this period, Life Republic, one of their prominent projects, achieved sales volumes of 1.3 million sq. ft. These impressive figures reflect strong sales performance, driven by new project launches and sustained progress in ongoing developments.
The company reported steady progress in construction activities, an increase in sales, registrations, and customer relationship management (CRM). These contributed to a significant 12% year-on-year growth in collections, reaching INR 985 crore for H1 FY24.
Rahul Talele, Group CEO of Kolte-Patil Developers Ltd, expressed satisfaction with the company's robust performance. Talele credited this success to strategic investments in growth opportunities, the development of diverse customer segments, a robust pipeline of new project launches, substantial business growth (including projects with a top line potential of INR 3,450 crore in H1 FY24), and prudent financial practices. He emphasized that the company's strong foundation, combined with favourable industry dynamics, positions Kolte-Patil Developers Ltd to create significant value for all stakeholders in the years to come.
In the second quarter of this fiscal year, Kolte-Patil Developers Ltd witnessed a substantial uptick in sales bookings, reaching INR 632 crore. This marked a remarkable 72% increase from the corresponding period in the previous year, reflecting the growing demand for quality housing.
The sales bookings also surged in volume terms, with a 75% increase to 0.98 million sq. ft. during Q2 FY24, compared to 0.56 million sq. ft. in the same period of the previous year. Despite a slight decrease in average sales realization, dropping 3% to INR 6,426 per sq. ft. from INR 6,622 per square foot, the strong sales figures underscore the company's commitment to delivering value to homebuyers. The company operates in key property markets, including Pune, Mumbai, and Bengaluru.
The company's steadfast growth and presence in key markets, coupled with its customer-centric approach, ensure that Kolte-Patil Developers Ltd will continue to be a major player in the real estate sector, delivering value and quality to homebuyers and investors alike.
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