January 15, 2024: Real estate firm Kolte-Patil Developers on January 12, 2024, announced key updates on its real estate operations during the quarter (Q3 FY24) and nine months (9M FY24) ended December 31, 2023. The company clocked sales of Rs 746 crore, up by 18% QoQ. It achieved sales value of Rs 2,079 crore in 9M FY24, marking a growth of 36% YoY, resulting from firm sales momentum in new as well as ongoing projects
The company’s sales volumes during 9M FY24 stood at 2.89 million square foot (msf), registering a growth of 26% YoY. Kolte-Patil Developers launched approximately 2.73 msf across projects in Pune and Mumbai in 9M FY24. During these nine months, contributions from new launches accounted for 57% of the sales value.
Price realizations improved both YoY and QoQ due to increased contribution from the ‘24K’ premium luxury segment projects in Baner and Pimple Nilakh. KPDL’s flagship project, Life Republic Integrated Township, recorded sales volumes of 4.4 lakh sqft during Q3 FY24. During 9M FY24, the project recorded the highest-ever volumes of 1.7 msf achieved in any nine-month period
Rahul Talele, group CEO, Kolte-Patil Developers, said, “In Q3 FY24, we achieved the highest-ever quarterly pre-sales numbers of Rs 746 crore, marking a growth of 18% QoQ. The Life Republic project in Pune achieved a historic milestone, recording the highest-ever sales volumes of 1.7 msf during 9M FY24, underscoring the enduring value of our product offerings reflecting our commitment to excellence. Heightened economic activity, rising income levels, and interest rate stability continue to give an impetus to the historic demand for residential real estate that we have witnessed in recent times. Through this sustained positive trajectory, we are confident of meeting pre-sales growth targets on the back of a strong pipeline of upcoming launches. In line with our strategy, we actively evaluate business development opportunities to expand market share in key operating markets. Our steadfast focus on exceptional customer experience remains core as we grow across segments and geographies delivering value across stakeholder groups.”
Key highlights for 9M FY24 and Q3 FY24
| New area sales | 9MFY24 | 9MFY23 | YoY | Q3FY24 | Q2FY24 | Q3FY23 | QoQ | YoY |
| Volume (in msf) | 2.89 | 2.30 | 26% | 0.98 | 0.98 | 1.13 | – | -13% |
| Value (in Rs) | 2,079 cr | 1,528 cr | 36% | 746 cr | 632 ce | 716 ce | 18% | 4% |
| Realization (in Rs/sqft) | 7,183 | 6,643 | 8% | 7,579 | 6,426 | 6,339 | 18% | 20% |
| Collections (in Rs) | 1,478 cr | 1,313 cr | 13% | 493 cr | 472 ce | 435 ce | 4% | 13% |
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