Realty firm Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to ₹2,500 crore in the next three years on better housing demand, MD and CEO Arvind Subramanian said.
Mumbai-based Mahindra Lifespace had achieved sales bookings of ₹1,028 crore in the last financial year.
In an interview with PTI, Subramanian said, “We have started the first quarter with an extremely strong performance on all fronts”.
The company clocked ₹600 crore of residential sales during the April-June quarter of the 2022-23 fiscal year against ₹1,000 crore in the full previous year, he highlighted.
The collections from customers were at about ₹270 crore, while industrial leasing was worth ₹118 crore in the June quarter.
“The first quarter has set us up very well for the year. We are expecting very strong continued growth in quarter two and the rest of the year as well. We will certainly be above our FY22 numbers. The question is how much above, which time will tell, but we are extremely positive,” he said.
Asked about the FY23 target of sales bookings, Subramanian said there will be significant growth over the previous fiscal.
The target is to achieve ₹2,500 crore sales bookings in the 2024-25 fiscal against ₹1,000 crore in 2021-22, he outlined.
The company achieved sales bookings of ₹600 crore in the first quarter of this fiscal on the launch of two housing projects.
“We have demonstrated over the past several years that we know how to do strong launches. So, now it is a question of land acquisition, approvals and getting ready for launch. As long as we are able to address that and keep moving that pipeline, I think the numbers will happen,” Subramanian observed.
On new launches, Subramanian said three new projects/new phases of existing projects have been launched so far this fiscal in Bengaluru, Pune and Gurugram.
The company has plans to launch new projects or new phases in Chennai, Pune and Mumbai this fiscal year.
Mahindra Lifespace also develops housing projects in its industrial townships in Chennai and Jaipur.
September 04, 2022