Prestige Estate Achieves Record-Breaking Performance with 50% Sales Growth
Prestige Estate Projects Limited reported strong H1 financial results with sales reaching ₹60,173.00 million, up 50% year-over-year. Collections increased by 54% to ₹42,128.00 million. Sales volume grew 47% to 4.42 million square feet, with 2,069 units sold. The company saw improved average realization in apartments and plots. Sales were well-distributed across key markets, with Bengaluru leading at 40%. New project launches totaled 3.87 million square feet. Office segment reported 93.42% occupancy, while retail segment saw 9% growth in turnover with 99% occupancy.
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Prestige Estate Projects Limited, a leading Indian real estate developer, has reported exceptional financial results, showcasing robust growth and strong market performance.
Highlights
- Sales: ₹60,173.00 million, up 50% year-over-year
- Collections: ₹42,128.00 million, up 54% year-over-year
- Sales Volume: 4.42 million square feet, up 47% year-over-year
- Units Sold: 2,069
Financial Performance
Prestige Estate's results demonstrate significant growth across key metrics:
| Metric | Value (in millions) | YoY Growth |
|---|---|---|
| Sales | ₹60,173.00 | 50% |
| Collections | ₹42,128.00 | 54% |
Sales Volume: 4.42 million sq ft (47% YoY growth)
Market Dynamics
The company's performance reflects strong demand in the real estate sector, with notable improvements in average realization:
- Apartments: ₹14,906.00 per square foot, up 8% year-over-year
- Plots: ₹9,510.00 per square foot, up 43% year-over-year
Geographical Distribution
Prestige Estate's sales were well-distributed across key markets:
| City | Sales Mix |
|---|---|
| Bengaluru | 40% |
| Mumbai | 22% |
| NCR | 18% |
| Hyderabad | 11% |
| Chennai | 7% |
| Others | 2% |
New Launches
Prestige Estate launched projects with a total developable area of 3.87 million square feet and a Gross Development Value (GDV) of ₹39,669.00 million. Key launches include:
- Mayflower at The Prestige City (NCR)
- Prestige Autumn Leaves (Bengaluru)
- Prestige Greenbrook (Bengaluru)
- Prestige Crystal Lawns (Bengaluru)
Office and Retail Segments
- Office: Gross leasing of 2.3 million square feet with 93.42% portfolio occupancy
- Retail: Gross turnover of ₹6,236.00 million, up 9% year-over-year, with 99% portfolio occupancy
Management Commentary
Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, expressed satisfaction with the company's performance, highlighting the success of projects in Mumbai and NCR. He stated, "We are delighted to report an outstanding first half, marked by record sales and strong collections. What makes this performance even more gratifying is the contribution from multiple geographies — Bengaluru, NCR, and Mumbai have all delivered exceptionally well."
Prestige Estate's strong performance underscores its robust position in the Indian real estate market, with diversified geographical presence and a strong pipeline of projects driving growth across segments.
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