Respite likely for realty firms in December quarter

14 Jan 2013 CW Staff

According to data from brokerage firms show that real estate companies, battling low volumes and poor cash flows, should see improvement in the December quarter, due to launches and festive sales. The low base of the corresponding quarter of the previous financial year is also expected to help.

Companies in the sector are expected to see 14 per cent growth in sales and 16 per cent in net profit in the third quarter of 2012-13, data culled from six brokerages show.

In the September quarter, realty companies posted a decline of 23.5 per cent in net profit and 11.9 per cent in net sales, as buyers deferred buying homes due to high prices and interest rates. The low base of the corresponding quarter of the previous financial year is expected to help firms see improvement in the quarter. Companies in the sector are expected to see 14 per cent growth in sales and 16 per cent in net profit in the third quarter of 2012-13.

Quick approvals for projects in Mumbai and the recent slew of launches there, in Bangalore and the National Capital Region are likely to have a positive impact. According to equity brokerage Maybank Kim Eng Securities, project launches rose 30 per cent to Rs 6,000 crore in the third quarter of FY13 and construction work has picked up in most ongoing projects, with the largest progress shown by DLF, Oberoi Realty and Sobha Developers.

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