Omaxe's sales booking up 11% at Rs 1,648 crore in FY'16

New Delhi: Real estate firm Omaxe Ltd sold residential and commercial properties worth Rs 1,648 crore in last fiscal, up 11 percent from the 2014-15, despite fall in average sales realisation.

The sales bookings in value terms stood at Rs 1,648 crore in 2015-16 fiscal against Rs 1,491 crore in the preceding financial year, according to company's analyst presentation.

In volume terms, the company's sales bookings rose 14 percent to 4.89 million sq ft during last fiscal.

The average sales realisation fell by 3 percent to Rs 3,372 per sq ft in 2015-16 fiscal.

Out of the total sales bookings, housing segment contributed Rs 1,264 crore while commercial added Rs 384 crore.

"Group housing in New Chandigarh, Allahabad and Lucknow were the major contributors to sales for full year period," Omaxe CEO Mohit Goel said.

Area delivered during last fiscal was 6 million sq ft, while the company launched 2.7 million sq ft area.

The firm's gross debt stood at Rs 1,306 crore at the end of the last fiscal, while net debt stood at Rs 1,070 crore.

Recently, Omaxe reported 30 percent increase in net profit to Rs 78.32 crore during last fiscal as compared to Rs 60.07 crore in the 2014-15 fiscal.

Income from operations increased by 17 percent to Rs 1,667.78 crore in the 2015-16 fiscal from Rs 1,431.09 crore in the previous year.

"As far as real estate sector is concerned, we are slowly witnessing some steady demand in the last few months.

Within the real estate market, compared to major cities, the scenario is better in tier II and III cities," Omaxe CMD Rohtas Goel had said after declaring annual result.