Prestige Estates Q1 sale bookings fall 23% to ₹3,029 crore due to delay in new launches

Bengaluru-based real estate major Prestige Estates saw a 23% decline in sales during the first quarter of financial year 2024-25 owing to delay in new launches

Published on: Jul 11, 2024, 22:04:23 IST

By HT News Desk

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Bengaluru-based real estate firm Prestige Estates reported a 23% decline in sales to ₹3029.5 crore during the April to June quarter of the financial year 2024-2025 owing to delay in new project launches, the company said in a regulatory filing on July 11.

Prestige Estates Q1 sale bookings fall 23% to ₹3,029 crore (PTI)

The company’s sale bookings were at ₹3,914.7 crore in the year-ago period.

"We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of ₹3,000 crore," said Irfan Razack, Chairman and Managing Director of Prestige Estates Projects.

Also Read: Prestige Group planning mid- segment housing projects in Thane, Panvel near Mumbai

“We have maintained a healthy mix of sales from our top geographies: Bengaluru (43%), Hyderabad (32%), and Mumbai (23%). In the upcoming quarters, we look forward to launching an extensive pipeline of projects across diverse geographies…,” he said.

A total of 1,364 units were sold during the first quarter of FY25. The total sales volume stood at 2.86 million square feet, a decrease from 3.83 million square feet in Q1 FY24, the company said in its regulatory filing.

The average realization was ₹11,934 per square feet for apartments, villas and commercial spaces, up by 16% year-on-year. Meanwhile plots saw an average realization of ₹7,285 per square feet, recording a 46% jump on an annual basis.

Also Read: Prestige Group sells ₹1300 crore worth of uber luxury residences in South Mumbai

According to the statement, the total sales collection for the company during the period under review came in at ₹2,916 crore, up 6% year-on-year.

During the June quarter, the company launched two residential projects in Bengaluru, covering a total developable area of 1.86 million square feet, with a combined gross development value of around ₹1,400 crore.

“During the quarter, we have also released South Block in Prestige Ocean Towers in Marine Lines, Mumbai and have received overwhelming response for the same,” said Razack.

Also Read: Prestige Group expands footprint in Delhi-NCR; acquires 62.5 acres in Ghaziabad for a township project

Prestige Estates is present across 13 cities with a footprint of 190 million square feet. It undertakes residential, office, retail, hospitality and warehouse projects.

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