BENGALURU: Property developer Brigade Group reported a near 27% drop in quarterly profit as sales slowed due to demonetisation. Net profit fell to Rs 31.6 crore for the third quarter ended December 31, from Rs 43.1 crore a year earlier. Sales from operations dropped 14.5% to Rs 537 crore. “Sales were severely affected due to the negative sentiment of demonetisation on the real estate sector,” the company said in a statement on Friday.
“The Union budget has rolled out multiple initiatives for the housing industry, giving serious boost to the sector and we are confident of continuing our growth in the coming quarters through our quality offerings across markets,” chairman and managing director M R Jaishankar said. During the reported quarter, Brigade sold 0.3 million sqft of residential space valued at Rs 186 crore. The average price realization was Rs 6,210 per sqft.