Prestige Group, a real estate company, reported record sales of INR 11,007 crore in the first half of FY24, a 69% increase from the previous year. The company's sales were driven by strong demand in Bengaluru, Mumbai, Hyderabad, and Chennai. Prestige Group is expanding its presence in the Delhi-NCR market and plans to have sales of INR 25,000 crore in FY25. The company's success is attributed to its focus on quality projects, customer service, and a diverse portfolio catering to mid-income and luxury segments.
Prestige Group, a Bengaluru-based real estate developer, achieved NR 21,040 crore in home sales in FY24, marking a 63% increase from the previous year's INR 12,931 crore.The company's achievements are credited to its emphasis on high-quality projects, good customer service, and a range of properties for both middle-income and luxury buyers. With a goal of reaching INR 25,000 crore in sales for the fiscal year 2025, Prestige Group maintains its path of growth by prioritising customer satisfaction.
In FY23, Prestige Group, along with DLF Ltd, Godrej Properties Ltd (GPL), and Macrotech Developers Ltd, each reported sales bookings exceeding INR 12,000 crore, marking a first in the industry.
Irfan Razack, the chairman and managing director of Prestige Group, expressed happiness with the company's performance in FY24. He mentioned the record-breaking sales of INR 21,040 crore and the highest-ever annual collections of INR 11,954 crores. Razack credited these achievements to customer trust and team dedication, as well as successful acquisitions and partnerships that strengthened the company's position in the real estate sector.
In FY24, Prestige Group sold its highest-ever area of 20.25 million square feet, up 34% from the previous year. The total development area also increased by 52% to 40.19 million square feet, mainly due to the introduction of many new projects.
Prestige Group CEO Venkat K Narayana stated that the company expects further growth, with sales being driven by key markets like Pune and NCR. He attributed this momentum to the company's focus on completing projects and launching new ones, which resulted in the completion of 19 projects totaling 25 million square feet in FY24. Narayana highlighted the company's strong operational performance in FY24 and its robust launch pipeline across major cities for the upcoming fiscal year.
Prestige Group aims to achieve sales of INR 25,000 crore in the financial year 2025, marking a 25% increase from the previous year. The company has seen a significant increase in property bookings, more than doubling year-on-year to INR 7,092.6 crore. The demand for residential properties is strong, especially from end-users, benefiting well-established developers like Prestige Group. The company plans to serve a diverse market, focusing on mid-income housing alongside luxury and premium homes. Additionally, Prestige Group is expanding its presence in the Delhi-NCR market, with upcoming projects in Noida, Gurugram, and New Delhi.
Recently, Prestige Group announced an agreement to raise INR 2,001 crore for four residential projects valued at INR 18,000 crore. This funding, secured from Kotak AIF and the Abu Dhabi Investment Authority (ADIA), will support projects in Bengaluru, Goa, Delhi, and Mumbai. Land acquisitions have risen since the pandemic, primarily due to the booming residential market.
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