Sunteck Realty clocks 23% rise in sales bookings to Rs 1,602 cr in last fiscal

New Delhi: Sunteck Realty Ltd on Monday reported a 23 per cent increase in its sales bookings at Rs 1,602 crore during the last fiscal on better demand for its properties.

Its sales bookings stood at Rs 1,303 crore in the previous year.

In a regulatory filing, Mumbai-based Sunteck Realty said the company's sales bookings rose to Rs 537 crore in the fourth quarter of 2022-23 from Rs 503 crore in the year-ago period.

"We have signed an exclusive lease deal with Upgrad for our premium commercial project Sunteck BKC51 at BKC Junction. The project is set to generate a total revenue of approx. Rs 2,000 crore over the entire lease tenure," Sunteck said.

Upgrad will be paying starting rentals of close to Rs 300 per square feet per month on carpet area basis.

"The total leased out area is approx. 2 lakh sq ft on built up area basis. The gross total capital value of the project on around 8 per cent capitalisation rate is estimated at approx. Rs 550 crore," it said.

According to the reports of various real estate consultants, housing sales have risen during the January-March period despite an increase in interest rates on home loans and also a rise in property prices.

Major listed real estate companies have reported an increase in the sales bookings during the fourth quarter of 2022-23 as well the entire last fiscal.

As per the PropTiger.com data, housing sales and new supply increased 22 per cent and 86 per cent, respectively, during the January-March period this year.

Housing sales rose to 85,850 units across eight cities in January-March 2023 from 70,630 units in the year-ago period. New launches grew 86 per cent to 1,47,780 units -- highest in a quarter -- from 79,530 units.

REA India, a full-stack real estate technology platform, owns Housing.com, PropTiger.com and Makaan.com.