Shares of Ashiana Housing, a prominent real estate company in India, jumped by 19% today, reaching a new all-time high of ₹398.75 before settling at ₹382.50. This remarkable increase has made the stock a multibagger, with gains of 118.60% over the past year and an impressive surge of 186% over three years.
The surge came after Ashiana Housing announced on Saturday that it sold 224 luxury flats in Gurugram for ₹440 crore within just 15 minutes of the launch. Ankur Gupta, the Joint Managing Director, expressed delight at the overwhelming response, with 800 cheques received for 224 units in such a short time.
Gupta attributed the success to the company’s brand reputation and track record of efficient execution.
The demand for luxury flats in India is growing, driven by increasing disposable income among the population. As people become wealthier, they seek upscale residences offering amenities beyond standard housing.
This trend is particularly noticeable in major cities like Mumbai, Delhi, and Bangalore, where affluent individuals are willing to pay premiums for luxurious living spaces.
Moreover, changing lifestyle preferences contribute to the demand for luxury flats. With globalization, Indian consumers aspire to modern lifestyles and seek residences with top-tier amenities for entertainment, fitness, and relaxation, all within their homes.
In its Q4FY24 update, Ashiana Housing reported a significant increase in the value of area sold, reaching ₹862.53 crore, up 98% from the previous year. For the fiscal year FY24, the value of area sold amounted to ₹1,798.22 crore, surpassing FY23 figures.
Additionally, in Q3 FY24, the company’s net profit surged more than threefold to ₹28 crore, while net sales increased by 44% year-over-year to ₹184 crore.
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