Property brokerage firm Guardians Real Estate Advisory on Saturday said its revenue has jumped more than twofold at ₹65.35 crore during April-December period of this fiscal, helped by better sales in Mumbai market on stamp duty reduction by the Maharashtra government.
The company had posted a revenue of ₹26.57 crore in the year-ago period.
The Mumbai-based firm expects revenue to reach around ₹115 crore in 2020-21 as against ₹40 crore in the last fiscal year.
The company has achieved highest ever year-on-year revenue growth of 146 per cent, at ₹65.35 crore for the first three quarters of the ongoing fiscal year, Guardians Real Estate said in a statement.
The company has facilitated sales of 2,113 homes and 117 offices with a cumulative value of ₹3,687 crore during the first nine months of 2020-21 fiscal year.
It hopes to sell properties worth ₹6,000 crore during 2020-21 from ₹2,378 crore in the last fiscal.
“Over the past 9 months, 48 per cent of our sales and corresponding income has come from homes that cost upwards of ₹2 crore,” company”s chairman Kaushal Agarwal said.
The temporary reduction in stamp duty charges in the MMR (Mumbai Metropolitan Region) coupled with low interest rates on home loans has helped the company achieve better sales and brokerage income, he added.
“At a luxury residential project with a minimum buy-in price of ₹3 crore, called BeauMonte, developed by Sheth Creators and located in the SoBo-Central region of Mumbai, we have been able to lock sales worth ₹328 crore within a fortnight,” Agarwal said.
For the current quarter, the company has a pipeline of 11 residential and 2 commercial projects with a cumulative sales value of ₹3,150 crore and it is targeting to sell a minimum of 75-80 per cent of inventory at these projects.
“While ready-to-move-in luxury homes were doing well in the period between June-September, the demand grew drastically across all residential segments in Q3,” Agarwal said.
In 2021, the company expects the affordable housing segment to bounce back to the pre-Covid-19 levels.
Guardians Real Estate Advisory currently employs 487 professionals in the MMR.
Its clientele includes the likes of Wadhwa Group, Sunteck, Kanakia, Sheth Creators, Chandak Group, Avighna and MICL, among others.
In housing brokerage business, Anarock, Proptiger, Square Yards, Investors Clinic, 360 Realtors, Guardians Real Estate, Xanadu and Quikr Realty are major players, among others.
International property consultants such as JLL, CBRE, Knight Frank, Cushman & Wakefield, Savills, Colliers International and Vestian are dominant in leasing of office and retail spaces.