Kolte-Patil Q2 Sales Down 13% to Rs 670 Cr

New Delhi, Oct 15 (PTI) Realty firm Kolte-Patil Developers Ltd has reported a 13 per cent decline in its sales bookings at Rs 670 crore during the second quarter of this fiscal year as it sold less area amid an overall demand slowdown in the Indian residential market.

Its sales bookings or pre-sales stood at Rs 770 crore in the year-ago period.

In a regulatory filing on Tuesday, Pune-based Kolte-Patil Developers informed that the sales volumes dipped 17 per cent to 0.86 million square feet during the July-September period of this fiscal from 1.03 million square feet in the corresponding period of the preceding year.

During the first six months of this fiscal, the company's sales bookings fell 13 per cent to Rs 1,286 crore from Rs 1,481 crore in the corresponding period of the preceding year.

Sales bookings in volume terms declined 15 per cent to 1.70 million square feet during the April-September period of this fiscal from 1.99 million square feet in the year-ago period.

Many property consultants have reported that the housing sales fell during the July-September quarter across the top 7-8 major cities, citing various reasons including high prices and a lesser supply of affordable homes.

Builders and brokers are hoping that demand will bounce back during the current festive quarter.

Recently, the company acquired 7.5-acre land in Pune to build a housing project worth about Rs 1,400 crore.

The upcoming project will have an estimated saleable area of around 1.9 million square feet.

The company did not disclose either the name of the seller of this land parcel, and also the acquisition cost.

Kolte-Patil has developed and constructed over 68 projects, including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of more than 30 million square feet across Pune, Mumbai and Bengaluru.

Kolte-Patil Developers is one of the leading real estate companies in the country.