Mumbai-based real estate developer Kalpataru Ltd is confident it will close the current financial year with sales bookings of Rs 6,500 crore, up 23% from the previous fiscal year, as demand for residential properties remains strong.
Despite concerns about a potential slowdown amid global economic uncertainties, the company sees little evidence of a meaningful dip in housing demand, particularly for established developers, according to Chief Financial Officer Chandrashekhar Joglekar.
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In an interview with PTI, Joglekar said Kalpataru recorded pre-sales of Rs 2,587 crore in the first half of FY27, marginally higher than the Rs 2,577 crore reported in the corresponding period last year. The company has thus achieved around 40% of its full-year target.
"We have given guidance for pre-sales at Rs 6,500 crore. We have already achieved 40% in the first half of this fiscal. We will be achieving 60% in the second half of this fiscal," Joglekar said.
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The CFO expressed confidence that the company would comfortably meet its guidance, pointing to the seasonally stronger second half of the financial year. Residential property sales typically gain momentum during the festive season, which could further boost bookings.
Kalpataru had reported sales bookings of Rs 5,280 crore in FY26.
The company's residential portfolio spans properties priced between Rs 1 crore and Rs 50 crore. However, a significant portion of its offerings falls below the Rs 10-crore mark, a segment where buyers tend to make purchase decisions and complete transactions faster than in the ultra-luxury category, Joglekar said.
The developer is also banking on a strong pipeline of project launches in the second half of FY27 to support its sales momentum.
Beyond new bookings, the company expects project completions over the next two to three years to contribute to revenue recognition. Joglekar said several large developments are scheduled for completion during this period, which should support the company's reported financial performance.
The company's confidence in sales growth comes against the backdrop of a weak quarterly financial performance.
Kalpataru reported a consolidated net loss of Rs 70.67 crore for the September quarter, compared with a net profit of Rs 4.96 crore in the year-ago period. Total income also declined sharply to Rs 479.37 crore in the second quarter of FY27 from Rs 815.66 crore in the corresponding quarter last year, according to its regulatory filing.
The divergence between sales bookings and reported revenue reflects an important distinction in the real estate business: pre-sales represent the value of properties booked by customers, while revenue is recognised in the accounts as projects progress and meet applicable accounting requirements.
Kalpataru has a significant presence in the Mumbai Metropolitan Region (MMR) and Pune, two key residential property markets in Maharashtra.
(With PTI inputs)
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