Bengaluru-based Century Real Estate plans to bring a substantial portion of its land holdings to market, aiming to generate INR 2,100 crore in sales during FY 2024-25. This move follows a successful year with a 121% growth in residential sales bookings. Managing Director Ravindra Pai highlighted that they are nearing completion on key projects, enabling them to focus on new developments in Bengaluru. The company boasts a 96% sell-out rate for residential inventory since FY24 began, reflecting strong demand. Century Real Estate's plan will introduce over INR 7,200 crore worth of new inventory this year, indicating confidence in Bengaluru's real estate sector.
Bengaluru-based Century Real Estate is bringing a significant portion of its land holdings to market through new projects. This plan aims to generate INR 2,100 crore in sales during the current financial year (FY 2024-25). This strategy comes on the heels of a successful year for Century Real Estate, with a remarkable 121% growth in residential sales bookings compared to the previous year.
Ravindra Pai, Managing Director of Century Real Estate, mentioned that they are nearing completion on several key residential and commercial projects. Pai noted that this strong performance allows them to focus on developing their remaining land parcels in Bengaluru. The company's impressive sales figures, particularly the impressive 96% sell-out rate for residential inventory since the beginning of FY24, demonstrate a clear demand for Century Real Estate's offerings in the Bengaluru market.
Century Real Estate's land development plan is expected to infuse over INR 7,200 crore worth of new inventory into the Bengaluru market this year. This significant increase, a jump of over INR 7,200 crore, reflects the company's confidence in the city's real estate sector and its ability to meet the growing demand for quality housing and commercial spaces. The INR 2,100 crore sales target for FY 2024-25 represents a significant year-on-year increase, reflecting Century Real Estate's ambitious growth plans.
Specific details about the new projects haven't been released yet, but Century Real Estate is known for catering to a range of buyers. Their past projects include luxury apartments exceeding INR 1.4 crore, mid-income housing options, and plotted developments. This diverse portfolio suggests that the new land development plan will likely encompass a variety of property types, with a potential range from affordable to luxury, to cater to the evolving needs of Bengaluru's residents and businesses.
Century Real Estate's expansion plans are a positive indicator for Bengaluru's real estate market. With a focus on diverse property types, Century Real Estate is well-positioned to capitalize on this growth and contribute to the city's vibrant real estate landscape.
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