Prestige Group Aims 55% Annual Growth In Sales Bookings

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.

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 Rs16,000 crore earlier.

The company has done pre-sales of around Rs 11,000 crore in the first two quarters. Once all the approvals come and launches happen, it should cross Rs 20,000 crore.

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.

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, around Rs 6,000 crore came from Bengaluru and Rs 500 crore each from Mumbai and Hyderabad. During April-September period of this fiscal, Prestige Estates sold 10.7 million square feet area for ?11,007 crore. All together 5,935 units were sold.

The company 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.