Real Estate Giants Achieve Sales Record in FY23
The real estate sector in India has witnessed a remarkable recovery in the current year. The Indian real estate sector witnessed a remarkable recovery in 2022-23, as four leading developers achieved bookings of over ₹ 12,000 crore each, setting a new benchmark for themselves and the industry.
The top developers hit sales milestone in Fiscal year 2023 registering significant gains in their residential sales bookings. According to the latest data, Prestige Group, Godrej Properties, Macrotech Developers Ltd (formerly Lodha Properties) and DLF have collectively achieved a sales milestone of over Rs 20,000 crore in FY23. It is surpassing their pre-pandemic levels. They have a strong presence across the country and cater to various segments of home buyers.
According to industry reports, housing sales rose 71% year-on-year in 2021 and reached 90% of pre-COVID 2019 levels. The demand for quality homes with bigger areas, open green spaces, and world-class amenities has increased among homebuyers. Besides everyone prefers reputed and trusted developers.
In addition some of the top developers of the country have clocked record residential sales bookings in FY23. It is surpassing their previous year’s performance. Here are some of the highlights of their achievements:
Prestige Group
The Bengaluru-based developer crossed the pre-sales mark of Rs 10,000 crore in FY23, registering a 20% growth over FY22. The company added 10 new projects across Mumbai, Bengaluru, Hyderabad, and Chennai. It is a total saleable area of 25 million sq ft. Some of its top-selling projects were Prestige City Mumbai and Prestige City Bengaluru, which offer premium apartments, villas, and plots.
Godrej Properties
The Mumbai-based developer, which is part of the Godrej Group, topped the sales bookings among listed entities in FY23. As a result, the developer has over 8,500 crore in sales with a 26% increase over FY22. The company sold over 10 million sq ft of residential space across 13 cities in FY23. In addition to an average price realization of Rs 8,500 per sq ft. Consequently, some of its popular projects were Godrej Horizon Mumbai and Godrej Splendor Bengaluru, which offer luxury homes with scenic views and lifestyle amenities.
Macrotech Developers Ltd
The erstwhile Lodha Developers reported pre-sales of Rs 9,024 crore in FY23, a 17% growth over FY22. The company sold over 8 million sq ft of residential space across Mumbai Metropolitan Region (MMR) and Pune in FY23, with an average price realization of Rs 11,300 per sq ft. Lastly, some of its best-selling projects were Lodha Malabar Mumbai and Palava City Mumbai, which offer spacious apartments with smart features and integrated township facilities.
DLF
The Delhi-NCR based developer recorded new sales bookings of Rs 7,500 crore in FY23, a 3% increase over FY22. The company sold over 6 million sq ft of residential space across Gurugram, New Delhi, and Chandigarh in FY23, with an average price realization of Rs 12,500 per sq ft. Furthermore, its top-selling projects were DLF The Arbour Gurugram and DLF The Grove Gurugram, which offer ultra-luxury homes with bespoke services and curated experiences.
Therefore, the impressive performance of these developers was driven by several factors, such as low interest rates, pent-up demand, improved consumer confidence, regulatory reforms, consolidation and digitalization. The four companies also benefited from their strong brand value, execution track record, diversified portfolio, customer-centric approach and financial discipline.
Moreover, these four developers together accounted for over 40% of the total residential sales bookings in the country in FY23, demonstrating their strong brand value and customer loyalty. Their impressive performance also reflects the resilience and potential of the Indian real estate sector, which is expected to grow further in the coming years.
