Migsun Group, one of the renowned names in real estate, has announced that it has completed sales of Rs. 550 crore in Q3 FY21-22 and is targeting another Rs. 700 crore by the end of Q4 FY 21-22. The Group informed that sales were achieved from projects across the cities, including Noida, Ghaziabad, and Lucknow.
After achieving sales of 1014 units of residential, commercials and villas in Q3 FY 21-22, the Group has kept the target of Q4 at 1400 units cumulatively. The sales were majorly in Migsun Janpath (Lucknow), Migsun Ultimo (Greater Noida), Migsun WYN (Greater Noida), Migsun Atharva (Raj Nagar Extension, Ghaziabad), Migsun Kiaan (Vasundhra, Ghaziabad), Migsun Vilaasa (Greater Noida West), and Migsun Chambers.
Commenting on the sector’s performance, Yash Miglani, MD, Migsun Group, said, “After coming to a halt in 2020, the year 2021 got off to a better start, but the second wave hit the market in the first few months; nevertheless, the sector enjoyed a resurgence after June 2021, fueled by record-low home loan interest rates, good projects, and reasonable pricing. As the year continued, the sales figures improved significantly. However, we have been able to achieve good sales numbers even during the challenging COVID times due to our impeccable delivery image.”
Even during the lockdown in 2021, the Group sold over 150 units amounting to approximately Rs. 80 crore in the period from April 22 till May 18; the commercial and residential units were from the projects located in Greater Noida and Raj Nagar Extension (Ghaziabad).
The Group’s commercial projects perform equally well compared to the residential projects. Talking about the importance of the commercial segment, Miglani said, “Commercial real estate will be critical to the countrys economic development. Quality projects that can attract people are required. We are certain that our projects will change public perceptions of commercial establishments. We are committed to providing high-quality development that can lead to growth.”
The Group is also investing heavily in stuck projects to ensure that people get their promised real estate assets; earlier, it announced that it would take up five to seven stuck projects in Greater Noida and invest Rs. 4,500 crore in their construction. Miglani said, “The projects will be developed under the JV and DM models. We are pursuing township and group housing projects in the residential sector. Our strategy to resurrect stalled projects may not significantly impact new demand, but it will bring relief to dissatisfied homebuyers who have been holding their breath. Our effort is to enhance the overall consumer sentiment and help to fix the supply side.”