Prestige Estates’ Q1 sales up 30% to ₹3914.7 cr

Real estate major Prestige Estates recorded a 30 per cent jump in sales (booking value) at ₹3914.7 crore compared to last year, while collections (actual money collected) stood at ₹2740.8 crore during the first quarter of FY24. The real estate player sold 2276 units spanning over a 3.83 million sf area in Q1. 

The company announced its operational performance for the quarter ending June 30, 2023. During the quarter, sales were attributed to 3.83 million in volume, with an average realisation up by 20 per cent to ₹10,244 square feet for apartments and villas and ₹5,007/sft for plot sales (up by 32 per cent yoy).

Overall, the group launched one new project of 3.12 million square feet, while the total completions during the quarter stood at 5.90 million square feet.

 “We are pleased to announce a steady performance in the first quarter in line with our annual guidance. The consistent growth in sales is a testament to our market presence, operational capabilities, and the dedication of our team and reinforces our confidence in achieving the annual targets,” said Irfan Razack, Chairman and Managing Director, Prestige Group.

Hospitality project

Prestige completed and inaugurated the 102-key hospitality project Mulberry Shades Nandi Hills Tribute Portfolio, located at the foothills of Nandi Hills, Bengaluru, in Q1. Moreover, it will be opening a retail mall, Forum Thomsun, in Kochi with a total development area of 1.02 million square feet in the coming quarter.

The real estate major continues to progress and looks forward to some significant launches in the upcoming quarter and throughout the rest of the year, which are expected to add to its growth.

 “We are happy to report strong operational numbers in the first quarter, with sales close to ₹4,000 crore and collections close to Rs 2,800 crore. Also, the Mumbai region continues its strong contribution, clocking around ₹600 crore in sales this quarter. In addition, the recent launch of Prestige Lavender Fields in Bengaluru, contributed over ₹2,000 crore in sales,” said Venkat K Narayana, Chief Executive Officer, Prestige Group.

Furthermore, it is gearing up for some major launches coming up in Bengaluru, Hyderabad Chennai and Mumbai which include Prestige Park Grove (TDA 9.23 mn sft; Bengaluru), Prestige Serenity Shores (TDA 1.5 mn sft; Bengaluru), The Prestige City Hyderabad (TDA 12.65 mn sft; Hyderabad), Prestige Pallava Gardens (TDA 4.56 mn sft; Chennai), Prestige Ocean Towers (TDA 1.68 mn sft; Mumbai), and Prestige Nautilus (TDA 0.9 mn sft; Mumbai).