Century Real Estate, a leading real estate developer and one of the largest landowners in South India, today announced a record 2.3X growth in sales revenue in FY21.
The company is continuing to rise as one of the fastest growing developers in the region, with offerings across aspirational, luxury, and plotted segments. With over 1.1 mn sq. ft. sold last year, Century Real Estate's strong performance is another indicator of the K shaped recovery that's being widely expected in the sector, with an increase in the market share of Grade-A brands.
The company's plotted development projects, under their unique umbrella of CenturyMarkTM, saw excellent demand in the year, with most of them selling out >90% stock within the first three months of their launch - highlighting a notable trend in the growing demand for branded plotted developments, both from investors and end-users. Century Ethos, their flagship luxury project, also had its best year since its launch, clocking in over 150 Cr of revenue in the pandemic year.
"We keep customer experience at the core of what we do, and I am glad the market has responded so well to our offerings despite the challenges the pandemic brought in the year gone by. In a tough year, we focused on new ways of engaging with customers, and also ensured our customers are educated about the decisions they are making. In an offer-led market, saturated with discounts, we made our product the hero of our story. Over 30% of our business comes from references or repeat purchases from our customers, which underlines their love for our product and their connect with the brand," said Ravindra Pai, Managing Director at Century Real Estate.
"Plotted developments - where we have a trusted reputation & strong legacy over decades, have gained significant traction in recent times and we are seeing many developers now entering this segment with a slew of launches planned in FY 22. We were also pleased to see very healthy demand for our luxury portfolio wherein high quality spacious homes and extensive open spaces found favour among the city's elite, over the standalone villas with limited amenities that they used to reside in earlier. Anticipating and keeping abreast of the ever-evolving Bengaluru market & its customer needs has played a key role in our growth," said Maninder Chhabra, Chief Strategy Officer - Sales, Marketing and CRM.
Looking ahead, there is a growing industry shift towards North Bengaluru, making it the newest hotspot for real estate investment and end use. The company aims to develop over 2 mn sq. ft. of plotted and large format mid-range residential developments in this area.
Century Real Estate has a rich legacy of nearly five decades in the real estate development sector. Its extensive 20 mn sq. ft. development portfolio includes hotels, office buildings, residences, educational institutions and integrated townships.
The company currently has 5 residential projects ongoing with a built-up area of over 3.5 mn sq. ft., 5 plotted developments with a saleable area of over 4.3 mn sq. ft., and commercial projects with a leasable area of over 4 mn sq. ft.
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( With inputs from ANI )
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