Bengaluru-based listed real estate firm Prestige Group clocked Rs 7092.6 crore in sales, up by 102 percent year-on-year (YoY), in the quarter that ended on September 30, according to a regulatory filing on October 6.
In H1 of 2023, the company registered sales of Rs 11,007.3 crore, up by 69 percent YoY and customer collections of Rs 5,380.6 million, up by 13 percent YoY. During this period, the company developed 10.7 million square feet (msf) with an average realization of Rs 10,338 per sq ft for apartments and villas. The average realization touched Rs 4,825 per sq ft for the plot sales. The group sold 5,935 units during H1 FY24.
During the first half of the year FY24, the new launches stood at 16.20 msf. The total completions during the half year stood at 8.11 msf. In Q2 FY24, the quarterly collections stood at Rs 2639.8 crore, up by 1 percent YoY.
The company sold 6.84 msf, up by 50 percent YoY with an average realization of Rs 10,369 per sq ft of apartments and villas. The average realization of plot sales stood at Rs 6,753 per sq ft. The group sold 3,659 units during Q2 FY24 spanning 13.10 msf across Bengaluru and Hyderabad.
Currently, the company plans to launch up to 18 msf of residential property in FY24 with a sales value of more than Rs 16,000 crore.
The upcoming launches will be taking place in Bengaluru, Hyderabad, Mumbai, Chennai and Kochi. For the residential segment, the company plans to foray into Delhi-NCR within Q4 of FY24 or early FY25.
