Amid high interest rates hurting buyers’ sentiment,real estate major Ansal Properties and Infrastructure’s sales almost halved to Rs 349 crore for the quarter ended September.
In a communique to the investors,the company said it had sold area worth Rs 692 crore in the corresponding quarter last fiscal.
The total area sold by company also dipped to 2.64 mn sq ft compared to 7.99 mn sq ft in the July-September period of the last fiscal.
However,Ansal Properties and Infrastructure said that average realisation increased by around 53 per cent to Rs 1,326/sq ft from Rs 866/sq ft in the second quarter of last fiscal.
Though the company did not specify the reasons for dip in sales,industry sources said that because of unrelenting rate hikes by the Reserve Bank,sale volumes of almost all leading realty firms are expected to decline in the second quarter of current fiscal.
To tame inflation,RBI has increased the policy rates cumulatively by 350 points in its 12 rate hikes since March 2010.
Ansal said booked sales of 0.73 mn sq ft and majority of them in its projects at Mohali and Lucknow across various asset class in September.
The total area sold by the company in the first half of the current fiscal stood at 11.16 mn sq ft,aggregating to a total sale value of Rs 1,343 crore.
“In the first half of the year,majority of the sales have been booked in the company¿s largest township “Sushant Golf City” in Lucknow,” it said.