Prestige Estates Reports 88% Growth in Sales Bookings

Real estate firm, Prestige Estates Projects Ltd., reported an 88 per cent year-on-year growth in its sales bookings at Rs 2,111.9 crore for the quarter ending September on better housing demand. Its sales bookings stood at Rs 1,123.3 crore in the year-ago period. In a regulatory filing, Bengaluru-based firm informed that its sales bookings rose to Rs 2,845.8 crore in the first six months of this fiscal year from Rs 1,584.4 crore in the corresponding period of the previous year. Prestige Group Chairman Irfan Razack said: "Despite the challenging environment, Prestige has clocked highest quarterly sales and collections." The new sales were driven by the healthy response its newly launched project, Prestige Great Acres, and the existing inventories across geographies, he added. Commenting on this, Venkat K Narayana, Chief Executive Officer, Prestige Group said, "H2F22 will be an exciting period backed by favourable macro fundamentals and a robust launch pipeline." "Apart from the launches in southern market, we are launching three projects in Mumbai and one project in NCR with a combined launch pipeline to the tune of 10 million sq ft," he said. Prestige Group, one of the leading real estate developers in the country, has diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India. The group has completed 250 projects with developable area of 136 million sq ft and has 50 ongoing projects across segments, with total developable area of 62 million sq ft. Further, it has 68 million sq ft under planning and holds a land bank with potential developable area of over 27 million sq ft.