Century Real Estate, who owns big chunks of land in Southern India, has recorded a bumper growth of 68% in the net sales revenue as compared to the previous CY and eying to enter into Rs 1000 crore club in terms of residential business by 2023. A report by SURFACES REPORTER (SR).
Bumper Festive Quarter
The boost in sales has made the just-concluded festive quarter being the best quarter of all time for the developer. According to the realty major, more than half the projects that the company had in its portfolio at the start of the CY, have been sold out indicating the rising demand for its high-quality homes & plotted developments. Century Real Estate is planning to bring in more of its owned land parcels into new development projects to meet the growing demand in the years to come.
Century Real Estate currently has 3.1 mn sq ft of area under construction across nine locations and has an additional 2.1 mn sq ft of projects nearing completion. The company is set to begin work on projects across a total area of 3.6 mn sq ft in CY 2022.
“2021 has been among one of our best years ever, registering 68% growth YoY in sales revenues, and with 2.1 mn sq ft of projects nearing completion,” said Mr. P Ravindra Pai, Managing Director, Century Real Estate.
“We shall keep the momentum going as we strive to become an INR 1,000 crore company in terms of the residential business, in the next two years. In FY22, in addition to bringing in more residential projects, we are also looking at expanding our commercial portfolio on the back of our prime land parcels in North Bengaluru, of which ~4 mn sq ft has already been unlocked with a mix of our own development and marquee partners,” he added.
“2021 was an excellent year for us in terms of record sales numbers & growth. Many of our projects including Century Horizon and Century Breeze had their best year ever. While the year belonged to Luxury and Century Ethos was the star of the year for us; our proprietary CenturyMarkTM also made its mark in ensuring sell-outs of both plotted developments launched in this CY. We have also upped the ante in our people practices, which is also an area of primary focus for us, as we wish to create a Great Place to Work & a thriving ecosystem of excellence in the sector,” said Maninder Chhabra, CSO & Head - Sales, Marketing, CRM & PRS, Century Real Estate.
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