Sunteck Realty sees substantial growth in pre-sales for FY20 at Rs 1,221 crore

Sunteck Realty on Wednesday said it has seen substantial growth in pre-sales at Rs 1,221 crore, while collections grew by 8 per cent to Rs 715 crore for the financial year ended March 31, 2020.

In a regulatory filing, the company said its pre-sales grew 87 per cent on a quarter-on-quarter basis at Rs 608 crore, while collections grew by 6 per cent to Rs 175 crore in the January-March quarter of this year.

"A significant progress in construction work across projects along with strong pre-sales has led to major ramp-up in collections," the filing said.

Regarding COVID-19 and its impact on the real estate sector, Kamal Khetan, Chairman and Managing Director, Sunteck Realty said "while it's still early to ascertain the impact on the real estate industry, I believe that Sunteck with its strong brand franchise and presence across the pricing spectrum, from uber-luxury to affordable segment, is well positioned to tackle challenges ahead".

Khetan further said "given our strong balance sheet and low debt levels, complemented by healthy pre-sales in H2FY20, we intend to maintain our operational momentum with a continued focus on execution and monetization strategies for our ready-to-move-in inventory".

He further noted that the company remains absolutely committed to the wellbeing of our construction workers as well as employees.