Sunteck Realty pre-sales jumps on QoQ and YoY basis

Mumbai-based premium housing construction player, Sunteck Realty has informed the bourses about its operational update for Q2FY21.

The company witnessed substantial growth in pre-sales for Q2FY21 at Rs 200 crore, up by 98 per cent on a QoQ basis and up by 96 per cent on a YoY basis.

Besides, the company also witnessed strong growth in collections on a QoQ basis by 117 per cent in Q2FY21. However, collections have been declined on a YoY basis by 24 per cent in Q2FY21.

During FY20, the company has continued its strong sales momentum across various brands, enhanced by the new project launches. The company registered substantial growth in pre-sales for FY20 at Rs 1,221 crore. These higher pre-sales in FY20 are likely to lead to a higher collection in FY21. Going ahead, the collections would further improve and grow faster, supported by the home loans getting disbursed again.

Following the recommencement of the operations post lockdown in Mumbai, the company has continued its strong sales momentum, supported by its digital platform, SunteckAer as well as various other marketing initiatives for the ready-to-move-in and nearing-ready inventory.

With the construction activity inching towards pre-COVID levels, the company remains focussed on accelerating the progress across the portfolio to offset the time lost on account of the ongoing pandemic.

Today, the stock of Sunteck Realty  gained six per cent and made an intraday high of Rs 277.80 on BSE.