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Realty company Eldeco Housing & Industries announced Q4FY24 & FY24 results:
- Area Booked: Total area booked surged by 803% YoY to 4,59,582 sq.ft. in Q4FY24
- Collections: The collections stood at Rs 38.3 crore in Q4FY24; surged by 62% YoY
- Land Bank: During FY24, company purchased ~ 65 acres of land
Commenting on the results, Pankaj Bajaj, Chairman & Managing Director said, Lucknow real estate market continues to be strong. The trends of premiumisation and consolidation of the market in favour of bigger and branded developers have gathered momentum in Lucknow too.
The fiscal year 2024 was a significant year for us on two counts- One, we received our highest ever bookings in terms of sales value and Two, we were finally able to break the logjam of fresh land bank acquisition and add to our project pipeline.
In terms of bookings, the total area booked during the year skyrocketed by 287% year-over-year to 782,413 square feet in terms of area and Rs 388 crore in terms of value. Both the numbers are the highest in the Company’s history. The fourth quarter itself saw a booking value of Rs. 254 crore compared to Rs. 25 crore in Q4FY23, largely driven by the successful launch of Imperia Phase 2 project. We were in fact able to sell out almost the entire inventory at Imperia 2 within a couple of weeks of launch.
The other highlight was our fresh land acquisition of about 60.9 acres spread over 3 locations in Lucknow. In all three locations we are still aggregating more land. We hope to be able to launch at least 2 of these projects within the FY 24-25. This is in addition to the forthcoming launch of our luxury project- Eldeco Trinity- which will happen within the first quarter of FY25. With these launches in FY25 we hope to be able to match or exceed the record sales of FY24.
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