The Mumbai-based real estate developer clocked revenues of Rs 286.7 crore, sharply above the Rs 49.5 crore it managed same period last year. "The good thing for us is that we still have significant amount of unsold space on which we are seeing a lot of momentum as well going forward," Piramal said.
Peninsula has an unsold inventory of around 2,40,000 square feet. "We already have a very robust deal pipeline and we hope for almost another 70,000-80,000 sq ft," MD said.
Below is an edited transcript of the interview on CNBC-TV18.
1Q: What kind of realisations did you get from the area that you sold in the Peninsula Business Park?
A: It has been a good first six months for us. We had targeted this year focusing mainly on Peninsula Business Park as our main source of revenue. We have been able to sell almost 2,26,000 square feet this year at an average realisation of about Rs 7,500 per sq ft.
It has been a robust year. We have seen good momentum and pick up on our commercial property. The good thing for us is that we still have significant amount of unsold space on which we are seeing a lot of momentum going forward. I think for this year and maybe for the next 12 months, we continue to see robust revenues coming in from Peninsula Business Park.
2Q: Compared to what you have sold in the first six months, how much do you think the unsold inventory can you liquidate over the remaining half of the year?
A: I think the choice to some extend is in our hands as well. We do have an unsold inventory of about 240,000 sq ft. And of that 240,000 sq ft already has a very robust deal pipeline. We hope to announce another 70,000-80,000 sq ft of deals pretty soon, maybe in the next quarter or so.
In addition to that, basically the choice was ours and the top three floors are still unsold, which is about 90,000 odd sq ft. We are still mulling internally whether we want to sell those or hold those properties right now and lease them out. Although, the lease market is a little slow right now, there is a little flexibility that we have. The fact that we have been able to liquidate a significant amount this first half gives us that flexibility going forward.
Q: You are confident that the 70,000-80,000 sq ft that you might sell in the quarter also be in the vicinity of Rs 17,000-18,000 per sq ft?
A: Absolutely, those deals are very close to conclusion and they should get announced shortly and we are in that same price band. I think it is an indication of positive step for overall office market in Lower Parel. and Central Mumbai and also for our project which we have taken about 4-5 years to develop. So it is coming to a conclusion. For us as a company, while we are focusing right now on Peninsula Business Park which is driving our revenues for this year.
We do have a significant pipeline as well. So what transactions are giving is us the ability to do is: continue to generate strong revenues through this year and give appropriate amount of time required to get other properties. And other projects off the ground and we are seeing significant progress in those. As we go forward into the next year probably we will start seeing significant revenues coming from our other projects which are mainly outside Mumbai and a couple of high-end projects that we have in Mumbai as well.
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