Eldeco Housing and Industries Ltd. (EHIL) has achieved a significant boost in its Q1 FY25 performance, with a 36% increase in booked area, reaching 93,197 square feet, and collections soaring by 117% to INR 55.3 crore. The company delivered 114 homes, totaling 99,232 square feet. New luxury project Eldeco Trinity, though initially slow, has surpassed INR 100 crore in booking values. EHIL also expanded its portfolio by acquiring 46 acres for a new township and plans two more projects. These results highlight a strong recovery and growth trajectory in Lucknow's real estate market.
Eldeco Housing and Industries Ltd. (EHIL), a player in the Lucknow real estate market, has reported significant growth in its first-quarter results for FY25. The company announced that the total area booked saw a remarkable increase of 36% year-on-year, reaching 93,197 square feet. This surge reflects a thriving demand in the real estate sector in Lucknow, which has been showing positive signs of recovery post-pandemic.
In terms of financial performance, collections for Q1 FY25 reached INR 55.3 crores, marking a substantial 117% increase compared to the same quarter last year. This growth in collections is particularly noteworthy as it demonstrates consumers' confidence in the company and the overall real estate market. Furthermore, Eldeco successfully handed over a total of 99,232 square feet during this quarter, equating to 114 homes delivered to satisfied buyers.
Pankaj Bajaj, Chairman and Managing Director of Eldeco, discussed the company's latest luxury venture, Eldeco Trinity. Launched in this quarter, it is the first high-end residential project for the company, boasting over 500,000 square feet of saleable area. Bajaj noted that although initial bookings did not meet expectations, interest has significantly increased, with cumulative booking values surpassing INR 100 crores. Eldeco Trinity will provide state-of-the-art amenities, and its strategic location is set to redefine luxury living in Lucknow.
On the operational side, Eldeco's performance has been commendable. The booking value climbed by 89% year-over-year to INR 59.1 crores in Q1 FY25, reflecting strong market demand. Notably, the company's construction spending rose by 105% to INR 35.6 crores, indicating a robust commitment to expanding its project portfolio. BHIL's focus on construction in Lucknow is crucial, as the local market continues to evolve and reach new potential.
In addition to Eldeco Trinity, the company has made progress on future projects. By the close of Q1 FY25, Eldeco had successfully acquired about 46 acres for a new township project. The team is preparing to submit design plans for approval in the second quarter and aims to kickstart two additional apartment projects, also totaling approximately 500,000 square feet.
Overall, EHIL's results and plans suggest a promising trajectory for the company in the coming months. The growth in bookings, collections, and new project launches underscores the resilience of the real estate market in Lucknow and Eldeco's position as a leader in the industry. As the company progresses with its ambitious plans, stakeholders will be watching closely to see how Eldeco continues to adapt and thrive in this dynamic environment.
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