Bengaluru-based Prestige Estates Projects Ltd. reports a remarkable rise in sales bookings, reaching Rs 5,326.1 crore in Q3, reflecting a 111% YoY increase. The success is driven by strong demand for residential properties, with 5.46 million sq ft sold at an average realization of Rs 9,762 per sq ft. Sales for April to December FY24 show an annual rise of 81%, totaling Rs 16,333.4 crore. Notable Q3 projects include the Prestige City in Hyderabad, Prestige Ocean Towers in Mumbai and Prestige Glenbrook in Bengaluru. The company, having completed 12 million sq ft, plans key projects in Bengaluru, Mumbai and Chennai for further sales growth.
Prestige Estates Projects Ltd., headquartered in Bengaluru, has reported a great surge in sales bookings for the third quarter of the fiscal year, reaching Rs 5,326.1 crore. This figure reflects a noteworthy 111% year-on-year increase, primarily driven by the robust demand for residential properties. Notably, during this quarter, Prestige Estates achieved successful sales of 5.46 million square feet, attaining an average realization of Rs 9,762 per square foot for both apartments and villas. Overall, the sales bookings for the period spanning April to December FY24 exhibited a significant annual rise of 81%, amounting to Rs 16,333.4 crore.
It has achieved sales of 16.13 million square feet, with an average realization of Rs 10,143 per square foot for apartments and villas. The total units sold in the initial nine months and the third quarter of this fiscal year reached 8,402 and 2,467, respectively. In the third quarter of the fiscal year 2023–24, Prestige Group initiated three significant projects, covering a vast expanse of 14.62 million square feet. These projects, namely the Prestige City in Hyderabad, the Prestige Ocean Towers in Mumbai, and the Prestige Glenbrook in Bengaluru, exemplify the company's strategic expansion goals.
Irfan Razack, Chairman and Managing Director of Prestige Group, expressed contentment, stating that more than 8,400 families exhibited their trust in selecting Prestige homes during April–December of FY24. While acknowledging the formidable sales figures in recent years, he emphasized the company's unwavering focus on execution, timely delivery, and ensuring utmost customer satisfaction. Within this fiscal year, Prestige Group has successfully completed over 12 million square feet and is actively engaged in the development of an extensive pipeline spanning 85 million square feet across regions where it operates.
Razack highlighted a significant milestone in the third quarter with the launch of close to 15 million square feet, marking one of the company's highest quarterly launches. Looking ahead, he revealed that the company is gearing up for key projects in Bengaluru, Mumbai, and Chennai to further boost sales.
Venkat K. Narayana, the Chief Executive Officer of Prestige Group, emphasized the outstanding sales performance, reaching an impressive Rs 16,300 crore, surpassing the entire sales of FY23 by 26%. Additionally, Narayana highlighted the launch of the company's largest project in Hyderabad, featuring a total development area of 13 million square feet and 4700+ units, generating quarterly sales nearing Rs 2,500 crore. Venkat also stated that in the residential segment, they are prepared to establish their presence in Delhi-NCR within the fourth quarter of this year or early fiscal year 2025.
Prestige Group has successfully completed 288 projects covering a developable area of 172 million square feet. Currently, it is actively managing 56 ongoing projects across various segments, with a total developable area of 86 million square feet. The company is strategically planning 43 upcoming projects, spanning 85 million square feet, and boasts a huge land bank exceeding 728 acres as of September 2023. Thus, Prestige Estates Projects Ltd. stands to position itself as a key player in the real estate sector through its robust performance and strategic outlook.
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