Strong demand drives Tata Housing's Q1 revenue to Rs 623 crore

25 Jul 2022 , 01:48 PM

From April through June 2022—23, Tata Housing’s sale bookings increased fivefold to Rs 623 crore due to robust demand for all of its residential projects.

One of the top participants in the country’s real estate market, Tata Housing is a wholly owned subsidiary of Tata Sons Pvt Ltd and is building projects in several of the country’s main cities.

“With the growth in demand pushed by normality post-the latest COVID wave, Tata Housing has produced Rs 623 crore revenue in Q1 and has added Luxa One in the Maldives to our portfolio,” said Sanjay Dutt, Managing Director and CEO of Tata Realty & Infrastructure.

The second wave of the COVID-19 epidemic had a significant negative impact on housing sales in the June quarter of the previous fiscal year for practically all real estate companies.

He stated that the firm looks forward to changing the demand for residential solutions in India and other foreign markets as a result of the first quarter of FY23’s exponential growth. He anticipates triple-digit growth for the current fiscal year.

With projects like La Vida in Gurugram, Myst in Kasauli, Eureka Park in Noida, Serein in Mumbai, and New Haven in Bengaluru experiencing exceptional demand from homeowners, Tata Housing claimed to have achieved “excellent progress” throughout the nation.

More than 100% of the quarterly goals were met by these initiatives. In the Maldives’ Male, Tata Housing also unveiled the Luxa One project during the second quarter of 2016. It is a mixed-use construction.

Tata Housing has been deliberately bolstering the north, north-east, and south regions as demand for greater areas and amenity-driven residential solutions has increased. The firm sold 1,688 units in total for the fiscal years 2021—22; the momentum shown in the first quarter of fiscal year 23 is pointing toward a triple-digit rise, it claimed.

Chief Sales and Marketing Officer Sarthak Seth, SVP, stated, “Our strategy in Q1 centered on a hyper-local approach with project-specific marketing activities.”

As a tightly held public limited company operating under Tata Realty and Infrastructure, Tata Housing Development Company is a wholly-owned subsidiary of Tata Sons.

With experience in building, engineering, commercial/IT parks, housing, and township development, it has a presence across all of India and beyond. With over 33 projects in major Indian, Sri Lankan, and Maldivian cities, Tata Housing has a total development potential of over 51 million square feet.