Prestige Group eyes Rs.1100 crore revenue from new Residential Project in Bengaluru

Real estate firm Prestige Group has announced the launch of a residential project in the Whitefield region of East Bengaluru, which is projected to have a sales potential of Rs.1,100 crore, according to a company statement.

The Prestige Pine Forest project will feature a total of 316 units spread across four towers on a 9-acre site. It will offer 3 and 4 BHK home configurations, ranging in size from 2,442 to 3,556 square feet. 

Praveer Shrivastava, Senior Executive VP- Residential, Prestige Group mentioned, “We are excited to introduce Prestige Group’s latest architectural achievement, which reflects our dedication to luxury, comfort, and convenience. This project sets a new standard for quality and craftsmanship and showcases our unwavering commitment to delivering exceptional experiences.”

During the April-June quarter, the company launched two residential projects in Bengaluru, encompassing a total developable area of 1.86 million square feet, with an estimated gross development value of approximately Rs.1,400 crore.

Prestige Estates reported a consolidated net profit of Rs.307 crore for the first quarter of FY25, a decrease of 3.4% compared to the same period last year. The company’s revenue from operations reached Rs.1862.1 crore during this three-month period, up from Rs.1680.9 crore in the corresponding quarter last year.

Company CMD Irfan Razack highlighted strong sales performance in key regions, with Bengaluru accounting for 43%, Hyderabad for 32%, and Mumbai for 23%.

In the first quarter of FY25, a total of 1,364 units were sold, resulting in a total sales volume of 2.86 million square feet, down from 3.83 million square feet in Q1 FY24, according to the company's regulatory filing.

Prestige Estates operates in 13 cities, covering a total footprint of 190 million square feet. The company engages in residential, office, retail, hospitality, and warehouse projects.