Updated: Aug 4
On the strength of high demand across all of its residential projects, Tata Housing's sale bookings increased fivefold to 623 crore in Q1FY23.
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 many of the country's main cities.
The second wave of Covid-19 had a significant negative impact on housing sales in Q1FY22 for almost all real estate developers, according to Sanjay Dutt, managing director and CEO of Tata Realty & Infrastructure: "With the rise in demand propelled by normalcy post the last COVID wave, Tata Housing has generated 623 crore revenue in Q1 and has added Luxa One in the Maldives to our portfolio."
For FY23, expect
He said the company anticipates altering the demand for residential solutions in India and other foreign markets thanks to exponential growth in Q1 FY23.
In the current fiscal year, he anticipates triple-digit growth.
"We are stepping up the resources to harness our brand value," Dutt added. "We are on a path to becoming market leaders with a strong footing in the sector."
With projects like La Vida in Gurugram, Myst in Kasauli, Eureka Park in Noida, Serein in Mumbai, and New Haven in Bengaluru witnessing exceptional demand from homeowners, Tata Housing claimed it made "excellent progress" across the nation.
These initiatives exceeded their quarterly goals by more than 100%.
Planning for Q1
Tata Housing debuted the Luxa One project in Male, Maldives, during the first quarter of June. It is a development with various uses.
Tata Housing has been strategically bolstering the north, north-east, and south markets in response to the growing need for greater spaces and residential solutions that are a priority for amenities.
The company sold 1,688 units in total for FY22; the pace seen in Q1 FY23 suggests a triple-digit rise, according to the statement.
Our strategy in the first quarter was centred on a hyper-local approach with project-specific marketing campaigns, according to Sarthak Seth, SVP and Chief Sales and Marketing Officer. A wholly owned subsidiary of Tata Sons, Tata Housing is a closely held public limited company operating under Tata Realty and Infrastructure.
It has an extensive presence in India and beyond and has proven skills in housing, township development, engineering, and commercial/IT parks.
In India, Sri Lanka, and the Maldives, Tata Housing has more than 33 projects with a combined development potential of more than 51 million square feet.