Shriram Properties Q2 sales bookings surge 40% to Rs 608 crore on strong housing demand

Realty firm Shriram Properties Ltd has reported a 40 per cent increase in its sales bookings, reaching Rs 608 crore in the second quarter of the current fiscal year, driven by heightened demand for its housing projects. 

In comparison, sales bookings were at Rs 435 crore during the same period last year. The company's investors' presentation reveals a 14 per cent growth in sales bookings to 1.15 million square feet between July and September, up from 1.01 million square feet in the corresponding period the previous year. Shriram Properties attributes the surge in booking value to robust sales in ongoing projects and contributions from new phases launched in the same quarter, with higher sales values reflecting changes in the product mix and improved pricing.

During the initial six months of the current fiscal, Shriram Properties achieved sales volumes of 1.9 million square feet, a 14 per cent year-on-year increase, and sales values of Rs 1,066 crore, marking a 43 per cent year-on-year rise. Shriram Properties CMD Murali Malayappan expressed encouragement at the company's consistent and notable growth trajectory, expressing confidence in sustaining this momentum. He highlighted the positive market dynamics and the company's ability to thrive in a consolidating environment, emphasizing their commitment to ensuring profitable growth with enhanced efficiency and superior returns for stakeholders.

Shriram Properties Ltd, a prominent residential real estate development company in South India, predominantly focuses on mid-market and affordable housing categories. Key markets for the company include Bengaluru, Chennai, and Kolkata, accounting for nearly 85 per cent of its development activities. The company has successfully delivered 40 projects with a saleable area of 22.4 million square feet, primarily in Bengaluru and Chennai. As of September 30, 2023, it maintains a robust development pipeline comprising 49 projects with an aggregate development potential of 51.1 million square feet. 

(With PTI Inputs)