Narayana says the company has sold about two million square feet in the southern markets that has seen an increase in pricing.
On the road ahead, Narayana says the demand for new launches continues to remain high in the current quarter. However, dashing hopes of prospective buyers, Narayana adds that there is no room for any price cut given the labour and land costs.
Also read: Won't offer discounts; realty isn't saturated yet: S Raheja
Below is the edited transcript of Narayana's interview to CNBC-TV18.
Q: How was the quarter gone by?
A: Things have been very good on the ground despite all the negativity around our economy such as rising inflation, surprise rise in the interest rates, volatility and all of that.
This quarter has been extremely good for us, infact in the last quarter we recorded over Rs 1,000 crore of new sales. This year I am happy to share that we have recorded even better than what we have done in the last quarter.
Our total sales are around Rs 1,150 crore for this quarter. We sold close to 2 million square feet. We had launched this quarter around 5 million sq ft of new projects, all of them met with very good response. Last quarter we had launched four million overall in the first half of the year we have launched 9 million square feet.
We had given a guidance of 14 million sq ft for the year and we have almost done 60 percent of it in six months in both Bangalore and Chennai markets where we operate majorly have been very good to us.
Q: Concentrating on the pre sales. How much have you done in terms of pre sales in the first half and what is your internal estimate for the second half?
A: Overall pre sales for the first half has been around 2,455 crore. We have sold close to 4 million square feet of area and in Q2 we have sold close to 2 million square feet.
Q: Your guidance was Rs 4,300 crore topline for FY14; you would want to better that?
A: Yes. Rupees 4,300 crore of overall sales is the guidance for FY13 and FY14. As we stand at September 30, we have done 54 percent of it, by this total new sales of around Rs 2,293 crore.
Q: Any indications on real estate prices. Are you seeing them firming up in Bengaluru and if you have any indications for any other markets that you might be operating in terms of prices?
A: All the southern markets that we are operating in, prices have been holding up. Infact we have seen little increase in the prices. Our average realisations are Rs 5,500 to 6,000 per square foot. Of course much depends upon what kind of products we are offering and depending upon the specification, depending upon the location and all of that but on an average for us realisations have been in the range of Rs 5,750-6,000 per square feet.
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