Realty firm Gaurs Group reported six-fold jump in its sales bookings to Rs 13.2 billion during the second quarter of this fiscal on improvement in housing demand, especially for properties that are ready-to-move-in and affordable.
Gaurs Group, a leading developer in the national capital region, sold 3,185 units in the July-September quarter of 2018-19 as compared to 538 units in the year-ago period, its MD Manoj Gaur said.
In terms of value, the Ghaziabad-based firm achieved a sales bookings of Rs 13.2 billion in the second quarter of this fiscal as against Rs 2.2 billion in the corresponding period of the previous year.
"We have been witnessing an upsurge in residential sales since the beginning of this financial year. In fact, in the first quarter, we did over 3,100 property bookings which itself was very good. The good run continued in the 2nd quarter as well," Gaur told PTI.
He said about 50 per cent of sales bookings came from ready to move-in properties and rest from under-construction projects.
The bulk of sales came from Gaur City 1 & 2 townships at Greater Noida (West), Gaurs Siddhartham at Ghaziabad, Gaurs Platinum Towers in Noida, Gaur Sportswood in Noida and Gaur Yamuna City township on Yamuna Expressway that connect Noida-Greater Noida to Agra.
Gaur expected that the company would achieve significant increase in sales bookings during this financial year.
He noted that the buyer's confidence in the housing sector have improved post implementation of the new realty law RERA that came into effect from May 2017.
"We are 100 per cent RERA compliant company and all our projects are RERA certified. A customer knows that his investment is safe with us and we will deliver on time," Gaur said.
Housing demand, which was affected badly post demonetisation and implementation of two landmark laws the RERA and GST, has started to showing improvement.
This got reflected in recent report by property consultant ANAROCK, housing sales in primary market rose by 15 per cent to 67,175 units in seven major cities during July-September quarter. The cumulative sales during January-September 2018 increased by 8 per cent to 1,78,400 units in 7 cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
Gaurs Group has been developing residential and commercial projects since last 23 years and has delivered over 40,000 units. The group today is developing many projects in the NCR.
It is developing a 237-acre township project 'Gaur City' in Greater Noida West (Noida Extension) comprising 25,000 apartments. These flats now are ready to move in and over 12,000 families have already moved into it.
The company has also entered into education and hospitality businesses.