Lodha Group clocks highest-ever sales of Rs 2,500 crore in October-December quarter

January 7, 2021

Realty major Lodha Group reported the highest-ever quarter bookings of over Rs 2,500 crore in the quarter ended December 31, 2020 led by strong demand in the mid-income and affordable segment.

The group saw increased demand for its luxury and premium homes, clocking approximately Rs 1,000 crore of bookings in this segment. The company’s mid-income and affordable business witnessed about Rs 1,500 crore of bookings in the quarter.

“The premium and luxury category saw a significant increase in interest, with the walk-ins at Lodha Luxury properties rising 20 percent higher than pre-Covid levels. Moreover, there has been a distinct inclination towards ready homes amongst consumers,” said Prashant Bindal, Chief Sales Officer, Lodha Group.

The company also witnessed increasing demand for larger homes with the prevalent work-from-home culture, wherein the units with gardens and decks emerged as the best-performing category.

The country’s real estate sector has been showing signs of recovery in the third quarter of fiscal 2021 led by strong festive demand, low home loan interest rates, discount offers from developers and reduced stamp duty in various states.

According to the latest report by property consultant Knight Frank, a little more than 61,000 housing units were sold across the country in the October-December 2020, registering a growth of 84 percent as compared to the previous quarter.

Total residential sales in Mumbai rose 10 percent on-year to 30,042 units in H2CY20, the report said.

Published in - CNBC-TV18