Prestige Estates Projects Limited , a prominent player in the Indian real estate sector, has strengthened its position by acquiring complete ownership of Apex Realty Ventures LLP. The company announced that it has purchased the remaining 40% partnership interest in Apex Realty Ventures, making it a wholly-owned subsidiary.

Acquisition Details

The acquisition was completed for a cash consideration of Rs 0.40 crore, as disclosed in the company's filing to the stock exchanges. Prior to this transaction, Prestige Estates Projects held a 60% partnership interest in Apex Realty Ventures.

About Apex Realty Ventures

Apex Realty Ventures LLP, incorporated on March 28, 2019, is engaged in real estate development and construction. The company has shown significant growth in recent years, as evidenced by its financial performance:

The substantial increase in turnover from FY 2022-23 to FY 2023-24 indicates a period of rapid expansion for Apex Realty Ventures.

Strategic Implications

This acquisition allows Prestige Estates Projects to consolidate its stake and hold 100% partnership interest in Apex Realty Ventures, both directly and indirectly through its wholly-owned subsidiary. The move is likely aimed at strengthening Prestige's position in the real estate development sector and potentially streamlining operations within the group.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Prestige Estates Projects has provided the necessary details to the stock exchanges. The company confirmed that the acquisition does not fall under related party transactions, and no governmental or regulatory approvals were required for the completion of this deal.

The strategic acquisition by Prestige Estates Projects underscores the company's commitment to expanding its real estate portfolio and consolidating its market position in the competitive Indian real estate sector.

Prestige Estate , a leading real estate developer, has reported an exceptional performance in Q1, setting new benchmarks in sales and collections. The company's remarkable results underscore its strong position in the real estate market and its ability to capitalize on growing demand.

Unprecedented Sales Growth

Prestige Estate has achieved a staggering 300% year-over-year increase in sales, reaching ₹12,126.40 crore. This quarter marks the company's best-ever sales performance, highlighting its robust growth trajectory and market appeal.

Strong Unit Sales and Area Coverage

The company reported a sales volume of 9.55 million square feet, representing a 234% increase. This impressive figure demonstrates Prestige Estate's ability to meet diverse customer needs across various property segments.

Record-Breaking Collections

Collections surged by 55% year-over-year to ₹4,522.70 crore, marking the highest collections in a single quarter for Prestige Estate. This significant increase in collections not only demonstrates the company's operational efficiency but also indicates strong customer confidence and financial health.

Regional Performance

The NCR region emerged as the top contributor, accounting for 59% of total sales, followed by Bengaluru at 21%. This diversification across key markets highlights Prestige Estate's strategic expansion and ability to capture opportunities in different regions.

New Project Launches and Completions

During the quarter, Prestige Estate launched four residential projects, including its first in the NCR region. The company also completed five projects, marking its first completion in Mumbai. These developments showcase the company's commitment to growth and expansion in new markets.

Market Implications

The exceptional performance of Prestige Estate in this quarter signals robust demand in the real estate sector. The company's ability to achieve such remarkable growth in sales and collections may indicate a positive trend for the broader real estate market, particularly in the regions where Prestige Estate operates.

This record-breaking quarter for Prestige Estate showcases the company's strong execution capabilities and its alignment with market demands. As the real estate sector continues to evolve, Prestige Estate's performance sets a high benchmark for the industry.