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Prestige Estates Projects Ltd expects its sale bookings to rise 55 per cent this fiscal to touch an all-time high of Rs 20,000 crore driven by strong demand for residential properties.
Its sale bookings stood at Rs 12,931 crore in 2022-23.
Buoyed by the company’s performance in the first two quarters of 2023-24, Prestige Group Chairman and Managing Director Irfan Razack said sale guidance has been revised for this fiscal year to over Rs 20,000 crore from Rs 16,000 crore earlier.
“We have done pre-sales of around Rs 11,000 crore in the first two quarters. We had guided around Rs 16,000 crore (for the entire 2023-24). But having done Rs 11,000 crore of sales in the first six months, the team is very confident. Once all the approvals come and launches happen, we should cross Rs 20,000 crore,” Razack said on the sidelines of CREDAI NATCON conference in Egypt recently.
He sounded very bullish on demand of residential properties across all price brackets.
“There is a huge demand for housing. We have a strong brand to capitalize it. The sector is going through consolidation. So, there is immense growth potential,” Razack said.
He said the company has an aggressive launch pipeline for the second half of this fiscal across all major cities including Bengaluru, Hyderabad, Chennai and Mumbai.
It also plans to launch luxury housing projects in Goa and Delhi.
Razack exuded confidence that new launches and sustenance sales in ongoing projects would help the company in achieving the revised sales guidance of Rs 20,000 crore.
Earlier this month, Prestige Estates reported more than two-fold jump in sale bookings to Rs 7,092.6 crore in the second quarter of this fiscal year.
In terms of volumes, sale bookings rose 50 per cent to 6.84 million square feet during July-September quarter.
Out of total sale bookings in Q2, Razack said around Rs 6,000 crore came from Bengaluru and Rs 500 crore each from Mumbai and Hyderabad.
He attributed the sharp jump in sale bookings to successful launches of housing projects in Bengaluru named ‘Prestige Park Grove’ and ‘Prestige Serenity Shores’.
After a long gap the company had a large-scale residential project launch in Bengaluru and it was well “lapped-up” by the customers, he said.
“What makes our achievements even more noteworthy is that in just the first six months of FY24 we have achieved sales of Rs 11,007 crore, which is close to the sales of the entire 12 months of FY23 of Rs 12,931 crore,” Razack said.
During April-September period of this fiscal, Prestige Estates sold 10.7 million square feet area for Rs 11,007 crore. All together 5,935 units were sold.
The company achieved an average realization of Rs 10,338 per square feet for apartments/villas. The average realization of the plot was Rs 4,825 per sq ft.
Prestige Estates launched 16.20 million square feet of area and completed 8.11 million square feet during the first six months of this fiscal.
Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development.
It has diversified business model across various segments — residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India.
Prestige Group has completed 285 projects spanning a developable area of 170 million square feet and has 54 ongoing projects across segments, with a total developable area of 75 million square feet.
Further, it is planning 48 projects spanning 99 million sq ft. The group holds a land bank of over 710 acre as of June 2023.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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