Prestige Group’s Q2 Sales Booking up 9%

Prestige Estates Projects’ sales bookings rose 9 per cent year-on-year to ?1,123.3 crore during September quarter on better demand for its residential properties despite the Covid-19 pandemic. According to a company’s investors presentation, Prestige Group’s sales booking in the first six months of 2020-21 declined to ?1,584.4 crore from ?2,042.5 crore in the corresponding period of the previous year. During April-September period, Prestige Group launched three new residential projects. Its rental income from leased commercial assets stood at ?404 crore in the first half of this fiscal year. The  net debt stood at ?8,667.6 crore at the end of the second quarter with an average borrowing cost of 9.65 per cent. In a bid to reduce its debt significantly, Prestige Group is selling a large portfolio of its commercial assets -- office, shopping malls and hotels -- to global investment firm Blackstone for over ?9,000 crore. The term sheets between the two parties have already been signed and the deal is likely to be concluded next month. In housing segment, the company has completed 118 projects and is currently developing 30 more projects. Prestige has completed 36 million sq ft of office space and 15 million sq ft area is under construction. In shopping mall segment, it has completed 7 million sq ft and is building another 3 million sq ft area. In hotel business, Prestige has 1,262 keys and is developing 1,229 keys.