Prestige Estates Q3 Sale Bookings Jump Over 2-fold To Rs 5,326 Crore

Prestige Estates on Tuesday reported more than two-fold jump in sale bookings to Rs 5,326.1 crore for the third quarter of this fiscal driven by strong demand for residential properties.

In a regulatory filing, Bengaluru-based Prestige Estates Projects Ltd informed that it clocked sale bookings of Rs 5,326.1 crore during October-December FY24, up 111% year-on-year.

During the quarter, Prestige Estates sold 5.46 million square feet area with an average realisation of Rs 9,762 per square feet (for apartments /villas).

In April-December FY24, Prestige Estates' sale bookings rose 81% annually to Rs 16,333.4 crore. The company sold 16.13 million square feet area with an average realisation of Rs 10,143 per square feet (for apartments/ villas).

The number of units sold in the first nine months and the third quarter of this fiscal stood at 8,402 and 2,467, respectively.

Irfan Razack, Chairman and Managing Director, Prestige Group said, "The trust shown by over 8,400 families in choosing Prestige homes during April-December of FY24 is truly heartening. While the sales figures in recent years have been formidable, our focus remains on execution, prompt delivery, and ensuring utmost customer satisfaction."

Within this fiscal, he said the company has completed over 12 million square feet and are actively developing an extensive pipeline of 85 million square feet across regions it operates in.

"The third quarter marked a milestone as we launched close to 15 million square feet, one of our highest launches in a single quarter," Razack said.

Looking ahead, he said the company is gearing up for substantial projects in Bengaluru, Mumbai, and Chennai to boost sales.

Venkat K Narayana, Chief Executive Officer, Prestige Group said, "Our sales performance stands at an impressive Rs 16,300 crore, surpassing the entirety of FY23 sales by 26%."

Additionally, he said the company launched its largest project in Hyderabad with a total development area of 13 million square feet and 4700+ units, generating a quarterly sales nearing Rs 2,500 crore.

Prestige Group has completed 288 projects spanning a developable area of 172 million square feet and has 56 ongoing projects across segments, with a total developable area of 86 million square feet.

Further, it is planning 43 projects spanning 85 million square feet and holds a land bank of over 728 acre as of September 2023.