Real estate companies are looking to increase the number of project launches and add new cities to boost bookings in the second half of FY25, following a muted first half due to elections and other factors.
Most developers are banking on geographical expansion, while others such as Sobha plan to augment the supply of mid-income housing projects for higher bookings.
Prestige Estates Projects has lined up launches across its key markets such as Bengaluru, Hyderabad, Mumbai, Goa, and Chennai, in addition to a large project in Delhi-NCR, said Irfan Razack, its chairman and managing director. These projects are worth almost Rs 30,000 crore of gross development value (GDV) and these will drive the sales for the next four months, he said.
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“The demand remains very strong and all we need to do is get the right product to the market at the right price,” Razack said. Another 4-5 launches are in the works for February and March which will also add to the inventory available for sale in the rest of FY25, he said.
Like Prestige, Puravankara is focused on new launches to the tune of 12.27 million square feet with a potential GDV of around Rs 13,625 crore to drive sales. Of these, Rs 8,000 crore worth of inventory is expected to be opened for sale in the last two quarters of FY25, said Ashish Puravankara, managing director, Puravankara.
These projects, many of which are in the advanced stages of either plan sanction or RERA approval, are concentrated in Bengaluru, Mumbai, Pune, and Kochi.
Puravankara said these projects’ suitable locations and the company’s strong pricing strategy will also support pre-sales.
He said the decline in pre-sales in H1 can be attributed to deferred launches, primarily due to delayed approvals on account of the administration being busy with elections.
Another Bengaluru-based developer, Sobha, is also increasing sales and focusing on geographical diversification.
“We are increasing our launches in H2FY25 as a critical lever to achieve our annual pre-sales guidance of Rs 8,500 crore. Beyond Bengaluru, we are actively pursuing geographical diversification, with key projects planned in Hyderabad, Pune, Greater Noida, and Mumbai in FY26,” Jagadish Nangineni, managing director of Sobha, said in an analyst call recently.
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