In the third quarter of FY24, Prestige Group, a Bengaluru-based real estate developer, achieved extraordinary milestones. With a substantial year-on-year increase of 111%, their sales soared to an impressive Rs 5,326.1 crore, backed by a remarkable development of 5.46 million square feet. Notably, three monumental projects, covering 14.62 million sq ft, were launched during this period.
The group witnessed a robust collection of Rs 3,116.3 crore from homebuyers in Q3, reflecting the unwavering trust in their offerings. The average price realization for apartments and villas stood at Rs 9,762 per sq ft, showcasing the allure and value of their properties.
Highlights:
- Q3 FY24
- Total Sales: Rs 5,326.1 crore (111% YoY increase)
- Development: 5.46 million sq ft
- Homebuyers’ Collections: Rs 3,116.3 crore
- First Nine Months of FY24
- Sales: Rs 16,333.4 crore (81% YoY increase)
- Collections: Rs 8,478.8 crore (20% YoY increase)
- Development: 16.13 million sq ft
Future Prospects:
Irfan Razack, the Chairman and Managing Director of Prestige Group, expressed their strategic growth plans, highlighting the completion of over 12 million sq ft in the current year. Furthermore, they’re actively pursuing an expansive pipeline, envisioning a whopping 85 million sq ft development across multiple regions. Razack also emphasized the significant launches expected in Bengaluru, Mumbai, and Chennai in the forthcoming quarter.
In line with their vision for FY24, the Group aims to launch approximately 18 million sq ft of residential properties, targeting sales surpassing Rs 16,000 crores. Additionally, the plans include an imminent entry into the Delhi-NCR market in Q4 of this fiscal year or early FY25, as outlined by Venkat K Narayana, the Chief Executive Officer.
(Source: Moneycontrol)
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