Century Real Estate records 68 per cent growth in residential business in 2021; aims for crossing INR 1,000 crore residential sales by 2023

Bengaluru (Karnataka) [India], January 3 (ANI/BusinessWire India): Century Real Estate, a leading developer and one of the largest landowners in South India, recorded its best-ever calendar year in residential sales, with a significant 68 per cent growth in net sales revenues compared to the previous CY, with the just-concluded festive OND quarter being the best quarter of all time.

With this, more than half the projects that the company had in its portfolio at the start of the CY, have been sold out indicating the rising demand for its high-quality homes and plotted developments. Century Real Estate is planning to bring in more of its owned land parcels into new development projects to meet the growing demand in the years to come.

"2021 has been one of our best years ever, registering 68% growth YoY in sales revenues, and with 2.1 mn sq ft of projects nearing completion. Our strong management team, the professionals we have onboard and the company ethos, have played a large role in this growth. I am also glad to see that we are receiving offers from multiple investment firms and other landowners/developers, who wish to participate in our growth journey and the potential of the Bengaluru market with us. We shall keep the momentum going as we strive to become an INR 1,000 crore company in terms of the residential business, in the next two years. In FY22, in addition to bringing in more residential projects, we are also looking at expanding our commercial portfolio on the back of our prime land parcels in North Bengaluru, of which ~4 mn sq ft has already been unlocked with a mix of our own development and marquee partners," said P Ravindra Pai, Managing Director, Century Real Estate, regarding the outlook for the upcoming years.

During CY 2021, the near-RTMI Century Ethos - a luxury offering in prime Hebbal - was among the hottest selling properties in the micro-market; underlining the popularity of projects close to delivery & offering large open spaces, in the post Covid era. Two plotted developments launched by the company in 2021 under the CenturyMarkTM umbrella - Century Greens 2 & Century Seasons, were sold out and also created strong appreciation value for the early buyers.

"2021 was an excellent year for us in terms of record sales numbers & growth. Many of our projects including Century Horizon and Century Breeze had their best year ever. While the year belonged to Luxury and Century Ethos was the star of the year for us; our proprietary CenturyMarkTM also made its mark in ensuring sell-outs of both plotted developments launched in this CY. We have also upped the ante in our people practices, which is also an area of primary focus for us, as we wish to create a Great Place to Work & a thriving ecosystem of excellence in the sector," said Maninder Chhabra, CSO & Head - Sales, Marketing, CRM & PRS, Century Real Estate.

Century Real Estate currently has 3.1 mn sq ft of area under construction across nine locations and has an additional 2.1 mn sq ft of projects nearing completion. The company is set to begin work on projects across a total area of 3.6 mn sq ft in CY 2022.

The company received a fresh investment of Rs 175 Cr for Century Ethos from the international investment firm PAG during this year, which further reiterated the ever-increasing confidence of local and foreign investors and consumers in the promising North Bengaluru region.

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