Listed developers see 57% spike in revenues this fiscal, sell more space than pre-covid period

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"These nine listed developers sold approximately 18.46 million sq ft of housing space in the first half of FY22, in remarkable contrast to the approximately 13.28 million sq ft in the same period a year ago," said Anuj Puri, chairman, Anarock, "Not only does the increase amounts to an annual growth of 39 percent, but the total residential area sold in H1 FY22 has also surpassed that of pre-COVID levels in H1 FY20 period when approximately 17.2 million sq ft was sold."

Among the marquee developers who notched up sky-high sales revenues in H1 FY22, Macrotech Developers led from the front clocking revenues of Rs 2,960 crore between April and September. Prestige Constructions was a close second with a revenue of Rs 2,845.8 crore. Mahindra Lifespaces saw the largest spike (190 percent) in year-on-year sales revenue: Rs 448 crore in H1 FY22 versus Rs 154 crore in H1 FY21.

Not surprisingly, several experts have pointed to historically low-interest rates as one of the key factors spurring a revival in home-buying pan-India. Developers have also stepped up to generate supply in line with market sentiments. "Today, these players are unleashing right-priced, right-sized supply that is aimed at organic, end-user demand," said Puri.

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