Rise in demand for affordable homes
The Realty player Poddar Developers today reported over three-fold jump in the consolidated net profit for the April-June quarter at Rs 10.20 crore mainly on the back of improved sales. It had reported a net profit of Rs 2.94 crore in the corresponding quarter last fiscal, a release issued here said.
The Mumbai-based firm sales stood at Rs 51.32 crore during the quarter against Rs 21.86 crore a year-ago, registering over two fold growth. The company’s Managing Director Rohit Poddar stated that they have posted a robust revenue growth based on the fact that this sector has a strong demand for affordable housing.
He said that the company’s existing portfolio was dominated by white and blue-collar workers who have had a lifelong ambition of owning a home in Mumbai, but have been unable to do so due to the high prices, lack of transparency and lack of options for a good quality life at highly affordable prices.
Affordable houses are being looked by all. With the rise of given luxuries people are looking to opt houses even if they have to do away with a proper location.
Source: The Economic Times
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