India’s leading real estate developer, Prestige Estates, has announced its update on operational performance for the 9M and the quarter ending 31st December, 2022.
During the first 9M of the year FY23, the Group registered Sales of Rs 90,421 mn (up by 27% yoy) and Collections of Rs 70,422 mn (up by 41% yoy). The sales during this period are attributed to 11.09 mn sft volume with an average realization of Rs 8553/sft (for Apartments/ Villas/ Commercial Sales) and average realization of Rs 4134/sft (for Plot Sales).
During Q3 FY23, the Group has registered Sales of Rs 25,190 mn (Rs 42,677 mn yoy) and Collections of Rs 22,929 mn (Rs 24,316 mn yoy). The sales during this period is attributed to 2.91 mn sft volume with an average realization of Rs 9371/sft (for Apartments / Villas/ Commercial Sales) and average realization of Rs 4148/sft (for Plot Sales).
During the quarter Q3 FY23, Seven (7) projects were launched spanning 4.06 mn sft, viz Prestige Ocean Pearl in Calicut, Prestige Daffodils and Prestige Siesta Mulund in Mumbai, Prestige Sanctuary, Prestige 13° North (Mixed-use: W Hotel, Forum Mall, Commercial Office) in Bengaluru.
Six (6) projects totalling 11.04 mn sft - Prestige Jindal City, Prestige Willow Tree, Prestige Tech Park IV and Prestige Tech Park - Adobe in Bengaluru, Prestige Hillside Gateway and Prestige Cyber Green in Kochi, were completed during the quarter. During the first 9M of the year FY23 the new launches totalled 21.12 mn sft and completions 14.40 mn sft, respectively.
On the steady performance, Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are happy with the numbers achieved during first nine months and Q3 of FY23. It is encouraging to see more than 7000 families bought Prestige homes in this fiscal year so far and continue their trust in us. While our sales numbers are on track, our high focus remains on execution, timely delivery and customer satisfaction. We have completed over 11 mn sft this quarter and are currently pouring concrete over 70 mn sft of development area across the country.”
Our collections during Q3 were steady and the cumulative collections for 9M has been upwards of Rs 70 bn; a positive sign for our Operating Cashflows. We have lined up big launches in Bengaluru, Hyderabad, and Chennai for upcoming quarter, which will further our sales momentum and collections; with this we expect to conclude the year by surpassing our annual guidance.”
Expressing his views on the performance, Venkat K Narayana, Chief Executive Officer, Prestige Group said, “This quarter saw launch of projects across all our asset classes viz Residential, Commercial, Retail and Hospitality. We made our entry into Calicut with one of the biggest residential developments in the city, launched a Villa development (opposite Prestige Golfshire Nandi Hills, Bengaluru) and a mixed-use development close to the international airport in Bengaluru. We also launched a luxury project in South Mumbai. It is encouraging to see the steady performance in Mumbai for the third consecutive quarter clocking sales close to Rs 5 bn in Q3 and close to Rs 17 bn in the 9M of FY23.”
