Sunteck Realty records 24% fall in collections in Q2 of current fiscal

New Delhi: Mumbai-based Sunteck Realty has recorded 24 percent fall in collections in second quarter of the current fiscal (Q2FY21) at Rs 141 crore as compared to the same quarter of the previous fiscal. The company had registered collections of Rs 180 crore in the corresponding quarter of the previous fiscal.

The pre-sales of the company, however, jumped 96 percent at Rs 200 crore in Q2 of the current fiscal as compared to Rs 102 crore in the corresponding quarter of the previous fiscal.

The construction of projects has neared pre-covid levels with the easing of lockdown the company said in a statement. 

Kamal Khetan, CMD, Sunteck Realty said, “Certainly, the momentum has picked up. A combination of favorable factors such as the reduced stamp duty and low interest rates is expediting the decision time cycle for prospective customers. We are observing a trend of enhanced interest and increased demand for some of our ready-to-move-in projects such as Signia High, Borivali, and 1st Avenue, Sunteck City, Oshiwara District Centre, Goregaon (W). By and large, there is a renewed interest for high quality products offered by large organized developers, especially those with strong balance sheet and high brand recall.”

“While our strong pre-sales in FY2020 would ensure higher collections in FY21, now, with the home loans getting disbursed again, we are confident that our collections will grow much stronger from here on,” he added.