Prestige Estates sales booking jumps 310% yoy to Rs3,012 crore in Q1FY23

19 Jul 2022 , 09:16 AM

India’s leading real estate developer, Prestige Estates, has announced its update on operational performance for the quarter ending June 30, 2022. During Q1 FY23, the Group has registered sales of Rs30,121 million, of which the Mumbai region has contributed Rs7378 million.

The sales have come from 3.63 million sft volume with an average realization of Rs8298/sft. Collections made during the quarter were to the tune of Rs21,464 million.

During the quarter, 4 projects were launched spanning 9.67 million sft, viz Prestige Tech Forest, Prestige Waterfront, Meridian Park Phase II in The Prestige City in Bangalore; and Prestige Bellanza in The Prestige City, Mumbai. Three projects totalling 0.78 million sft- Prestige Poseidon Annexe, Prestige Woodland Park and Prestige Metropolitan were completed during the quarter.

Commenting on the performance, Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are delighted as we review the robust performance of the yet another quarter. We are happy to see the contribution of our newly launched projects in Mumbai to our overall numbers and are optimistic about the increasing value they will be adding in the upcoming quarters.

We are also excited for the new launches lined up for the next few quarters and are all set to introduce some fantastic projects across various geographies and segments.”

Expressing his delight on the performance, Venkat K Narayana, Chief Executive Officer, Prestige Group remarked, “Despite the interest rate hikes and the mixed macroeconomic sentiments, we have clocked 3 times the sales of Q1 FY 22.

It is exhilarating to see the warm response received, especially in Mumbai. We hope to keep up this momentum and have ~15 million sft of launches planned for the next few quarters across Bangalore, Mumbai, NCR, Hyderabad and Chennai.”

On Tuesday morning trade, Prestige Estates Projects was trading at Rs439.60 per share down by Rs4.6 or 1.04% from its previous closing of Rs444.20 per share on the BSE.