Century Real Estate records 32 percent sales growth in October
Nov 22, 2021
Bengaluru (Karnataka) [India], November 22 (ANI/Business Wire India): Century Real Estate, a leading developer and one of the largest landowners in South India, clocked in their highest monthly residential sales ever in October. According to company officials, the 32% growth in sales revenue compared to previous monthly sales records is attributed to the demand for luxury projects and ready-to-move-in homes. The company has achieved a 38% Y-o-Y growth in H1 as well.
Century Real Estate is currently ranked in the Top 40 in India and is seen as one of the leading private developers in Bengaluru that offer high-quality projects across aspirational, luxury, and plotted segments. The company's luxury projects contributed 53% of the sales in October, followed by the aspirational segment at 27%.
The company also states that themed plotted development projects continue to see a growing demand in this post-pandemic era. Century Real Estate's plotted developments - Century Seasons and Century Greens 2, launched in 2021 under the Century Mark™, sold out within two quarters. With this current growth trajectory, the company is on course to join the four-digit revenue league in the next two years.
"We are witnessing an unprecedented number of genuine buyers walking into our projects in the recent months, along with much higher conversion rates into bookings. Post the lockdowns, we are seeing consumers in Bengaluru looking to invest in larger & better quality homes/plots from trustworthy Grade A players. We are also seeing an overall buoyancy in the market among customers and channel partners alike since the waning of the second wave, which culminated in record sales for us in the festive season," said Ajay K Singh, VP, Sales at Century Real Estate. "North Bengaluru is a very exciting market, and we are seeing buyers from across Bengaluru now eager to participate in the growth & appreciation story," he added.
"The increasing confidence & anticipation of a fresh decade-long bull run in Real Estate, coupled with the North Bengaluru story and consumer affinity towards high-quality players, seems to be resulting in the record sales we're seeing at Century Real Estate. With multiple projects sold out in the past 18 months, this gives us increasing confidence that the market wants more Century products. Therefore, we are bringing in a lot more of our land bank into the market, in the form of innovative & high-quality products that we're known for," said Maninder Chhabra, Chief Strategy Officer - Sales, Marketing and CRM. "Our continuous efforts towards the welfare of our partners and associates have further supported our growth trajectory. We work among the best talent in the industry and will continue to focus on being a great place to work," he explained.
The October sales also doubled last year's monthly average sales numbers.
In the last 20 years, Century Real Estate has delivered close to 4.3 million sq. ft. of residential, plotted, and commercial properties. The company currently has ongoing residential projects with a built-up area of ~3.5 million sq. ft., plotted developments with an area of ~4.11 million sq. ft., and commercial office projects with a leasable area of ~1.5 million sq. ft.
Despite the lockdown from April to June, the company has seen steady growth in demand for luxury homes & themed plotted developments. Century Real Estate is optimistic about the upcoming quarter and is also looking to expand to neighbouring regions in the near future.
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