Century Real Estate Clocks Highest Ever Residential Sales and Collections in FY22
- 48% growth YoY due to project deliveries and consumer confidence
- Strengthens commercial portfolio with 2 mn. sq. ft. of upcoming developments
Century Real Estate, a leading developer and one of the largest landowners in South India, today announced that it has achieved its highest ever sales and collections in FY22. With net sales growing 22% YoY, the company has registered a 48% growth in collections this year owing this increase to the record pace of construction in new projects, older projects nearing delivery, and strong consumer confidence.
Its flagship luxury project, Century Ethos, witnessed an 81% increase in sales and a 255% increase in collections from the last financial year. The project has seen consistently high demand even with a price increase of 10% in Q4. In the plotted development segment, Century Real Estate has seen massive demand with its Century Seasons and Century Greens Phase 2 selling out within two quarters of their launch.
Speaking on the occasion, Ravindra Pai, Managing Director, Century Real Estate, said, “We had our best-ever performance in FY22. 72% of our saleable inventory was sold this year, an accomplishment made possible due to our customers’ immense trust and confidence in us. Buoyed by the response we are receiving for our high-quality offerings, we are looking forward to bringing in at least eight new projects and phase launches in the coming financial year. With our residential segment having made its mark, we now aim to strengthen our commercial portfolio. In fact, we have 2 million sq. ft. of commercial developments to come up in the next 2 years.”
With self-developed projects worth Rs. 2,000 crores and joint ventures worth Rs. 1,500 crores under construction, Century Real Estate is set to strengthen its focus on commercial developments. In 2020, it partnered with Godrej Fund Management for its commercial business park project, Century Downtown. Furthermore, in 2021, it entered a joint venture with Prestige Estates to develop a 2.5 mn. sq. ft. office park in Bengaluru.
The company has also undertaken significant strides on its journey towards digital transformation.
“We have leveraged leading CRM software, SFDC, to reshape our marketing, pre-sales, and sales processes. With the slew of new developments coming up, we shall continue our focus on bringing in the best talent and creating an ecosystem of excellence to fuel the next phase of our growth,” said Maninder Chhabra, CSO and Head - Sales, Marketing & CRM, Century Real Estate.
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 residential projects nearing completion. In the upcoming year, the company has over eight new launches coming up across its plotted, aspirational, and luxury segments.
Source: Business
