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Prestige Estates Projects Ltd reported a 19% year-on-year decline in consolidated net profit to INR 235.9 crore for the quarter ended June 2026, despite recording higher total income. Revenue rose to INR 2,835.6 crore from INR 2,468.7 crore in the corresponding period last year. Separately, the Bengaluru-based developer announced a strategic partnership to develop a 14.6-acre residential project in Thane, Mumbai Metropolitan Region (MMR), with a development potential exceeding 5 million sq. ft. The company expects the project to generate around INR 6,000 crore in revenue, reinforcing its expansion strategy in one of MMR's fastest-growing residential markets.
Prestige Estates Projects Ltd reported a 19% decline in its consolidated net profit for the first quarter of the 2026-27 financial year, while announcing a new residential development in Thane that is expected to generate around INR 6,000 crore in revenue.
According to a regulatory filing made earlier this week, the real estate developer posted a consolidated net profit of INR 235.9 crore for the quarter ended June 2026, compared with INR 292.5 crore in the corresponding period of the previous financial year.
Despite the decline in profitability, the company's total income increased to INR 2,835.6 crore during the quarter from INR 2,468.7 crore a year earlier, reflecting higher business activity across its operations.
In a separate regulatory disclosure, Prestige Estates said it had entered into a strategic partnership to develop a residential project in Thane. The company did not disclose the identity of the landowner associated with the development.
The upcoming housing project will be developed on a 14.6-acre land parcel and has a total development potential of more than 5 million sq. ft. Prestige Estates expects the project to generate estimated revenue of around INR 6,000 crore upon completion and sale.
Commenting on the development, Irfan Razack, Chairman and Managing Director of Prestige Group, said the proposed project represented another milestone in the company's continued expansion across the Mumbai Metropolitan Region. He stated that Thane had evolved into one of the region's most active residential markets, supported by ongoing infrastructure development and sustained demand for housing.
The latest project adds to Prestige Estates' growing presence in the Mumbai Metropolitan Region, where developers continue to increase investments amid improving connectivity, large-scale infrastructure projects and expanding residential demand.
Prestige Group has delivered 316 real estate projects covering approximately 212 million sq. ft. across residential, commercial, retail and mixed-use segments. The company also has a development pipeline comprising 135 projects with a combined developable area of around 227 million sq. ft., reflecting its continued expansion across multiple Indian property markets.
The Thane development aligns with the company's strategy of strengthening its residential portfolio in high-growth urban markets, where infrastructure investments and sustained end-user demand continue to support large-scale housing developments.
Source - PTI
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