Eldeco Housing acquires 63 acres land in Lucknow, records 114% YoY growth in sales

financialexpress.com:

Eldeco Housing and Industries Ltd (EHIL), a leading Lucknow-based real estate player, has during the 9MFY24 acquired more than 63 acres of land for new projects and recorded a remarkable increase in sales bookings, registering 3.2 lakh sq ft compared to 1.5 lakh sq ft in the previous fiscal year.

This represents a year-on-year growth of 114% and exceeds the total bookings of 2.0 lakh sq.ft of the entire FY23, according to the company. It also announced its results for Q3 & 9M FY24.

Commenting on the results, Pankaj Bajaj, Chairman & Managing Director, EHIL, said, “We are happy to share about the considerable growth in EHIL’s operations with our investors. We achieved 323% YoY growth in the area booked under new sales and a 259% YoY growth in booking value primarily due to the great response for Imperia Phase 2 at the pre-launch stage.”

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More than 100 units of Eldeco Imperia Phase 2 were presold, leading to sales bookings of 1,28,450 sq ft during the quarter. Other than Imperia Phase 2, Eldeco Trinity also received RERA approval in the last quarter.

“Additionally, we were able to acquire 38 acres of new land in Q3FY24, which shall add a lot of strength to our pipeline of forthcoming projects. Our collections also saw a growth of 16%, amounting to Rs 31.6 crores in Q3FY24,” he said, adding that “with our increased land bank, solid project pipeline, and robust demand in the Lucknow real estate market, we are well positioned for achieving strong results going forward as well.”