Due to the high demand for residential buildings, the real estate firm Prestige Group is aiming to make Rs 20,000 crore in sales this fiscal year, according to Irfan Razack, Chairman and Managing Director of the company, on the sidelines of the 21st CREDAI Natcon (The Confederation of Real Estate Developers Association of India's National Convention) being held at Sharm El-Sheikh, in Egypt. In a regulatory filing in October, the company reported more than a two-fold jump in property bookings year-on-year (YoY), worth Rs 7,092.6 crore. "What makes our achievement noteworthy is that in the first six months of FY23-24, we have achieved sales of Rs 11,007 crore, which is close to the sales of the entire 12 months of FY22-23 and of Rs 12,931 crore", Razack said. “We had a very big launch in Bengaluru, plus we saw good sales in Hyderabad and Mumbai", Razack explained.
In fact, the maximum numbers came from our new projects in Bengaluru, Prestige Park and Prestige Senate. Of the Rs 7,092 crore, almost Rs 6,000 came from Bengaluru, Rs 500 crore from Mumbai, and Rs 500 crore from Hyderabad. It’s always the product that is the driving force, and these are large, largely mid-income products. We have units of different sizes, ranging from 1-4 BHK", He futher added. He said the company’s pipeline for the next quarter comprises projects in Hyderabad, Mumbai, and Chennai. "Bengaluru and Mumbai will give us the numbers. We have three launches planned. Prestige City in Hyderabad, in Mumbai, we have the Ocean Towers (Marine Lines) and the Forest Hills (in Mulund)", he said. In Bengaluru, the company also has a few plotted developments in the works. “We had projected around Rs 16,000 crore this fiscal, but we have already done Rs 11,000 crore. The team is confident that once the approvals come in and launches happen, we should cross Rs 20,000 crore", he said.
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