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Embassy Group's FY24 sales bookings increase by 85.5% to record ₹2,250 crore on the back of strong housing demand
Embassy Group said that the demand emanated from high-net-worth individuals and non-resident Indians for ready-to-move-in luxury projects and premium homes
Bengaluru-based Embassy Group said on May 2 that its sales bookings rose 85.5% in the last fiscal year to record ₹2,250 crore on the back of strong demand emanating from high-net-worth individuals (HNIs) and non-resident Indians (NRIs) in ready-to-move-in luxury projects, premium homes with differentiated amenities, and self-sustaining integrated townships.
The company has achieved its best ever performance in FY2023–24 for its Bengaluru residential business, with a record-breaking sales transaction value of Rs. 2,250 crore – an 85.5% jump from the previous year. Embassy sold 21.18 lakh sq. ft., achieving a year-on-year growth of 103% in area sold, the company said in a statement.
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Embassy Group achieved realization of Rs. 15,925 per square foot for its built projects. Furthermore, plots recorded a realization of Rs. 7,195 per square foot. The overall net average realization across the residential portfolio stood at Rs. 12,915 per square foot, the highest in Bengaluru, cementing Embassy Group's position as a premium real estate developer delivering unmatched quality to its customers, the company said.
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Aditya Virwani, COO of Embassy Group, said, “Our residential sales of Rs. 2,250 crore includes collections amounting to Rs. 1,464 crore. This remarkable achievement is a testament to our strategic focus on strengthening and investing in the residential segment."
"As we anticipate a sustained upcycle in the country’s housing market in the coming years, we are committed to maintaining this momentum. With demand increasingly consolidating towards Grade A developers, we aim to replicate the same level of success we've achieved in the office leasing market within the residential sector,” he said.
“We have secured a meaningful pipeline of Rs. 8000 crore GDV or 7 million sq. ft. of residential launches in FY25, many of which will be developed under our future asset agreement with Indiabulls Real Estate (IBREL). We are also eagerly looking for and exploring new opportunities beyond our existing pipeline,” he added.
The Embassy Group is one of the leading real estate developers in the country. The group has delivered over 70 million sq ft of commercial, residential, industrial and warehousing, hospitality, services, retail, and education spaces. Embassy is a sponsor of India's first publicly listed and Asia Pacific's largest Real Estate Investment Trust (REIT).
