Tata Housing Q1 revenue rises manifold to Rs 623 cr

New Delhi: Tata Housing's sale bookings surged five folds to Rs 623 crore in April-June 2022-23 on strong demand across its residential projects.

Tata Housing, which is a 100 per cent subsidiary of Tata Sons Pvt Ltd, is one of the leading real estate players in the country and is developing projects across major cities.

Sanjay Dutt, Managing Director and CEO of Tata Realty & Infrastructure, said: "With the rise in demand propelled by normalcy post the last COVID wave, Tata Housing has generated Rs 623 crore revenue in Q1 and has added Luxa One in Maldives to our portfolio." Housing sales of almost all real estate developers were badly impacted in June quarter last fiscal year because of the second wave of the COVID-19 pandemic.

With exponential growth  in the first quarter of FY23, he said the company looks forward to reshaping the demand for residential solutions in India and international markets.

He expects to clock triple-digit growth in current fiscal year.

"We are on a path to become market leaders with a strong foothold in the industry and are ramping up the resources to leverage our brand value," Dutt said.

Tata Housing said it made "stellar progress" across the country with projects like La Vida in Gurugram, Myst in Kasauli and Eureka Park in Noida, Serein in Mumbai and New Haven in Bengaluru seeing exemplary demand from homebuyers.

These projects achieved more than 100 per cent of their quarterly targets.

During June quarter, Tata Housing also launched Luxa One project at Male in Maldives. It is a mixed use development.

With the advent of demand for larger spaces and amenity-driven residential solutions, Tata Housing has been strategically strengthening north, north-east and south markets.

"The company sold 1,688 units in total for FY 2021-22, the momentum witnessed in Q1 FY 23 is hinting towards a triple-digit growth," it said.

Sarthak Seth, SVP & Chief Sales and Marketing Officer, said,  “Our strategy in Q1 focused on a hyper-local approach with project specific marketing campaigns." Tata Housing Development Company is a closely held public limited company under Tata Realty and Infrastructure and is a 100 per cent subsidiary of Tata Sons.

It has a pan-India and international presence with demonstrated capabilities in construction, engineering, commercial/IT parks, housing and township development.

Tata Housing has more than 33 projects with a total development potential of over 51 million square feet spread across major cities in India, Sri Lanka and Maldives.