Bengaluru-based real estate developer, Prestige Group, has reported an impressive 111% year-on-year growth in sales, reaching Rs 5,326.1 crore in the third quarter of FY24. The regulatory filing on January 9 disclosed the development of 5.46 million square feet during this period. The average price realization for apartments and villas stood at Rs 9,762 per sq ft, with collections from homebuyers totaling Rs 3,116.3 crore.
For the first nine months of FY24, the Group achieved sales of Rs 16,333.4 crore, marking an 81% year-on-year increase, and collections amounted to Rs 8,478.8 crore, up by 20% year-on-year. Prestige Group developed 16.13 million sq ft during this period, with an average price realization of Rs 10,143 per sq ft for apartments and villas.
Units sold in the first nine months of FY24 and Q3 FY24 totaled 8,402 and 2,467 units, respectively.
The total launches in the first nine months of the year FY24 stood at an impressive 30.82 million sq ft. Notably, during Q3 FY24, three significant projects were launched, spanning 14.62 million sq ft. These projects include The Prestige City Hyderabad, Prestige Ocean Towers in Mumbai, and Prestige Glenbrook in Bengaluru.
Irfan Razack, Chairman and Managing Director of Prestige Group, expressed optimism about the company’s performance, stating, “Within this year alone, we’ve completed over 12 million sq ft and are actively developing an extensive pipeline of 85 million sq ft across regions we operate. This quarter marked a milestone as we launched close to 15 million sq ft, one of our highest launches in a single quarter. Looking ahead, we’re gearing up for substantial projects in Bengaluru, Mumbai, and Chennai in the next quarter.”
In September of the previous year, Prestige Group had announced plans to launch about 18 million sq ft of residential property in FY24 with a sales value exceeding Rs 16,000 crore. Venkat K Narayana, Chief Executive Officer, added that the company would be venturing into Delhi-NCR within Q4 of this year or early FY25 for the residential segment.
