Tata Housing net sales bookings rise 40% in FY23 on strong demand

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Tata Housing, a subsidiary of Tata Sons, on Wednesday said its net sales bookings grew by 40 per cent during the last fiscal year on a strong demand for residential properties in its projects.

The company did not disclose the sales bookings value for the 2022-23 fiscal.

In a statement, Tata Housing said it has achieved the highest-ever annual residential sales.

"Owing to positive consumer sentiments and a strong business proposition, Tata Housing witnessed an exponential demand from North, West, South & East markets...," the company said in a statement.

Sanjay Dutt, MD & CEO of Tata Realty & Infrastructure Ltd, said, "We have a strong foothold in the realty market and are actively capitalising on the latest consumer sentiments."

"Trends like the rise in millennial home-buying sentiments as well as the surge in NRIs and HNIs investing in the residential segment have allowed us to leverage our diverse portfolio offering homes with an array of residential solutions to a wide consumer segment," he said.

The sector has witnessed a substantial growth in the last few months, despite gaping economic challenges, he said.

"We are cautiously optimistic about the year ahead and foresee growth in demand in the affordable housing segment owing to the availability of wide ranging financial alternatives and the increased financial disposition of consumers," Dutt said.

He said the company has more than 50 projects in 15 cities with a development potential of over 51 million square feet.