Prestige Estates Projects Ltd anticipates strong demand for residential properties will cause its sale bookings to increase by 55% this fiscal year, reaching an all-time high of Rs 20,000 crore. 12,931 crore rupees were reserved for its sales in 2022–2023. Irfan Razack, chairman and managing director of Prestige Group, stated that the company's sales guidance for this fiscal year has been increased from Rs 16,000 crore to over Rs 20,000 crore as a result of the company's performance in the first two quarters of 2023–24. "We have done pre-sales of around Rs 11,000 crore in the first two quarters. We had guided around Rs 16,000 crore (for 2023-24). But having done Rs 11,000 crore of sales in the first six months, the team is very confident. Once all the approvals come and launches happen, we should cross Rs 20,000 crore", Razack said.
He said the company has an aggressive launch pipeline for the second half of this fiscal across all major cities, including Bengaluru, Hyderabad, Chennai, and Mumbai. It also plans to launch luxury housing projects in Goa and Delhi. Razack exuded confidence that new launches and sustenance sales in ongoing projects would help the company achieve the revised sales guidance of Rs 20,000 crore. Earlier this month, Prestige Estates reported a more than two-fold jump in sale bookings to Rs 7,092.6 crore in the second quarter of this fiscal year. Regarding volumes, sale bookings rose 50 percent to 6.84 million square feet during the July-September quarter. Out of total sale bookings in Q2, Razack said around Rs 6,000 crore came from Bengaluru and Rs 500 crore each from Mumbai and Hyderabad. He attributed the sharp jump in sale bookings to successful launches of housing projects in Bengaluru named 'Prestige Park Grove' and 'Prestige Serenity Shores'.
During the April-September period of this fiscal, Prestige Estates sold 10.7 million square feet area for Rs 11,007 crore. Together, 5,935 units were sold. The company achieved an average of Rs 10,338 per square feet for apartments/villas. The average realization of the plot was Rs 4,825 per sq ft. Prestige Estates launched 16.20 million square feet of area and completed 8.11 million square feet during the first six months of this fiscal.
Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has a diversified business model across various segments: residential, office, retail, hospitality, property management, and warehouses, with operations in more than 12 significant locations in India. Prestige Group has completed 285 projects spanning a developable area of 170 million square feet and has 54 ongoing projects across segments, with a total developable area of 75 million square feet. Further, it is planning 48 projects spanning 99 million sq ft. The group holds a land bank of over 710 acres.
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