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Embassy Group FY24 sales bookings up 85 pc to Rs 2,250 cr on better housing demand

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NewsDrum Desk
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New Delhi, May 2 (PTI) Realty firm Embassy Group on Thursday said its sales bookings rose 85 per cent in the last fiscal year to record Rs 2,250 crore on strong housing demand.

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In a statement, the company said it achieved best-ever performance in the 2023–24 fiscal year for its residential business, with sales transaction value of Rs 2,250 crore -- an 85.5 per cent jump from the preceding year.

Embassy Group sold 21.18 lakh sq ft, achieving a year-on-year growth of 103 per cent in area sold.

This was primarily fuelled by interest from high net-worth individuals (HNIs) and non-resident Indians (NRIs) in ready-to-move-in luxury projects, the company said.

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Embassy Group COO Aditya Virwani said, "WAs we anticipate a sustained upcycle in the country's housing market in the coming years, we are committed to maintaining this momentum." With housing demand, increasingly consolidating towards Grade A developers, he said the company would replicate its success in the office segment to residential business.

"We have secured a meaningful pipeline of Rs 8,000 crore GDV (gross development value) or 7 million sq ft of residential launches in FY25, many of which will be developed under our future asset agreement with Indiabulls Real Estate (IBREL)," Virwani said.

The company is exploring new opportunities beyond its existing pipeline, he added.

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The Embassy Group is one of the leading real estate developers in the country.

The group has delivered over 70 million sq ft of commercial, residential, industrial and warehousing, hospitality, services, retail, and education spaces.

Embassy is a sponsor of India's first publicly listed and Asia Pacific's largest Real Estate Investment Trust (REIT). PTI MJH TRB

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