Sunteck Realty sees substantial growth in pre-sales for FY20 at Rs 1,221 cr

NEW DELHI: Sunteck Realty on Wednesday said it has seen substantial growth in pre-sales at Rs 1,221 crore, while collections grew by 8 per cent to Rs 715 crore for the financial year ended March 31, 2020.

In a regulatory filing the company said its pre-sales grew 87 per cent on a quarter-on-quarter basis at Rs 608 crore, while collections grew by 6 per cent to Rs 175 crore in the January-March quarter of this year.

“A significant progress in construction work across projects along with strong pre-sales has led to major ramp up in collections,” the filing said.

Regarding Covid-19 and its impact on the real estate sector, Kamal Khetan, Chairman and Managing Director, Sunteck Realty said “while it’s still early to ascertain the impact on the real estate industry, I believe that Sunteck with its strong brand franchise and presence across the pricing spectrum, from uber-luxury to affordable segment, is well positioned to tackle challenges ahead”.

Khetan further said “given our strong balance sheet and low debt levels, complemented by healthy pre-sales in H2FY20, we intend to maintain our operational momentum with a continued focus on execution and monetization strategies for our ready-to-move-in inventory”.

He further noted that the company remains absolutely committed to the wellbeing of our construction workers as well as employees.

Source Article

Lois C. Ferrara

Next Post

lockdown 2.0: A centuries-old Venice connection to the last date of Lockdown 2.0?

Wed Apr 15 , 2020
Prime Minister Narendra Modi’s decision to extend the lockdown for another 19 days could be tied to a 14th century Venetian practice, if some sources are to be believed. While an extension was widely expected, most had assumed the last day of the new phase would be April 30, the […]