Urbanrise sold 2,291 housing units between April and September 2022, says the real estate developer. This was a 56% increase in home sales in H1FY23 as compared to H1FY22, the Chennai-based developer said in a statement on November 23, 2022.
Alliance Group-backed Urbanrise clocked sales revenue of Rs 1,417 crore, owing to its newly launched projects southern markets of Chennai and Hyderabad. As a result, the company saw an increase of 89% in sales revenue in H1FY23 as compared to the same period the previous year.
The company has over 25 million sqft of residential projects lined up for FY 2022-23, it said. In line with its development plans, the company is all set to launch three projects in south India that include a 46-acre villa project in Hyderabad, a luxury 4.4 -million sqft high-rise project in Hyderabad, a 30-acre sustainable villa project and a 1-million-sqft high-rise project in Bangalore.
The company also recently raised Rs 260 crore from Motilal Oswal, towards these three upcoming projects that have a total saleable area of 6.2 million sqft and a revenue potential of Rs 4,600 crore.
Manoj Namburu, chairman and MD of Alliance Group and Urbanrise, said, “We are delighted to have started the first half of this financial year with a significant increase in sales and revenue. Speedy construction of our projects and delivering projects ahead of completion deadline has helped our brand in achieving these results.”
“Sales numbers have been extremely encouraging in the first half of the year, and the response of the customers to our projects post-pandemic struggles during the last two years has been phenomenal. This buoyancy in the market has given us the fillip to launch new projects and also expand our geographical footprint. We are confident of closing this financial year on a higher note,” says Rajendra Joshi, Director of Alliance Group and Urbanrise.
Last financial year, the company sold 3,638 units worth Rs 2,290 crore.
