Prestige Estates plans to Launch Rs. 52,000 crore worth Homes by Next Year

To capitalize on the spike in demand for residential real estate, real estate company Prestige Estates Projects Ltd. intends to start home projects valued at Rs. 52,000 crore by March of the following year.

Prestige Estates CMD Irfan Razack stated confidence that the company will be able to reach its sales bookings target for this fiscal year at Rs. 24,000 crore, according to a transcript of a conference call with analysts.

“So I think the market is good. The demand continues to be there as long as we have the product and the location, which is the mid-income. And I believe there is enough and plenty of demand that will keep coming. We, at the company, have a lot of launches in the pipeline for this quarter and the next," Razack added.

Prestige Estates recorded a record sales booking of Rs. 21,040 crore in the fiscal year 2023–2024.

Compared to Rs. 7,092.6 crore in the same period last year, Prestige Estates achieved sales of Rs. 4,022.6 crore in the September quarter.

The company's sales bookings for the April–September period decreased to ₹7,052.2 crore from Rs. 11,007.3 crore during the same time last year.

According to Prestige Estates' Chief Financial Officer (CFO), Amit Mor, the company would begin projects valued at Rs. 25,000 crore this quarter, with the remaining funds to be released in the fourth quarter of FY25.

With operations in over 13 key cities, Prestige Group, one of the top real estate developers in the nation, has a diversified business model across multiple segments, including residential, office, retail, hospitality, property management, and warehouses.

As of September 2024, the Group had finished 302 projects totaling 193 million square feet of developable space.