Piramal Realty FY`19 sales booking jumps nearly 4-fold to Rs 3,400 cr

Mumbai: Anand Piramal-led Piramal Realty's sales booking jumped nearly four-fold to Rs 3,400 crore in 2018-19 on the back of improved housing demand.

The company's sales booking stood at about Rs 900 crore in 2017-18.

Piramal Realty sold nearly 1,000 apartments in the last fiscal, with South Mumbai accounting for more than half of the total sales.

"For the current fiscal, we are looking at sales of Rs 3,800 crore," company's founder Anand Piramal said.

The company is looking at doubling its portfolio to 30 million sq ft in the next two years, he added.

Piramal Realty has so far launched over 3,500 units under five real estate projects.

The company will continue focusing on Mumbai as it believes the market has a lot of potential given the current scenario post new realty law RERA and demonetisation, Piramal said.

According to the data, inventory worth Rs 80,000 crore was sold in the last fiscal in the Mumbai Metropolitan Region.

"Mumbai is growing at an exponential pace owing to the constant influx of working population. Being one of the largest and most stable real estate markets in the country, we believe it has a lot of untapped potential," Piramal said.

He further said there are multiple opportunities to partner with other developers and acquire good land parcels.

"Also, with the reforms in place, the demand in the residential sector increased due to improved market sentiment. At the same time, there is a lot of confidence among prospective homebuyers, owning to increased transparency and clarity," he added.