Higher demand drives record quarterly bookings for realty majors

Higher sales, improving cash flows are expected to drive further debt reduction for the sector

Quarterly sales updates by realty companies indicate that demand trends for both residential and commercial segments continue to remain strong. While Macrotech Developers (Lodha) and Sobha registered their highest ever quarterly bookings in the December quarter for the 2022-23 financial year (Q3FY23), Phoenix Mills’ like-for-like performance reflects strong consumption trends.

Macrotech posted a 16 per cent growth in pre-sales or bookings to Rs 3,035 crore taking the total bookings for the first nine months of FY23 to Rs 9,039 crore. Sales in FY23, so far, have already exceeded those in FY22 by 62 per cent. The company indicated that it