Prestige Estates Projects Limited , a prominent real estate developer, has announced its financial results for the first quarter of the fiscal year 2022, ending June 30, 2021. The company has reported growth in both standalone and consolidated figures, despite facing challenges due to COVID-19 restrictions.

Financial Performance

The company's financial performance for Q1 FY22 is summarized in the table below:

Dividend Declaration

The Board of Directors has recommended a final dividend of ₹1.50 per equity share, which represents 15% of the face value. This dividend for the financial year 2020-21 is subject to shareholder approval at the upcoming Annual General Meeting.

Corporate Actions

Prestige Estates Projects has undertaken several significant corporate actions during the quarter:

1. Non-Convertible Debentures: The company has approved the issuance of non-convertible debentures up to ₹1,000.00 crores on a private placement basis.

2. Acquisitions:

   • Acquired a 45% stake in Century Megacity
   • Acquired a 55% stake in Century Landmark
   • Gained control of Ariisto Developers Private Limited through an approved Resolution Plan

Impact of COVID-19

The company acknowledged that COVID-19 restrictions had an impact on its business operations during the quarter. These restrictions led to a temporary slowdown in construction activities, which may have affected the overall performance.

Outlook

While the company has shown resilience in its financial performance, the ongoing challenges posed by the pandemic continue to influence the real estate sector. Prestige Estates Projects' strategic acquisitions and financial decisions, such as the issuance of non-convertible debentures, may be aimed at strengthening its market position and preparing for future growth opportunities.

Investors and stakeholders should continue to monitor the company's performance in the coming quarters to assess the full impact of its recent corporate actions and the evolving market conditions in the real estate sector.

Prestige Estates Projects , a leading Indian real estate developer, has announced the launch of its latest residential project, Prestige Garden Trails, in Mumbai's Dahisar-Mira Road corridor. This strategic move marks a significant expansion of the company's portfolio in India's financial capital.

Project Overview

Strategic Location and Connectivity

The project is strategically positioned near the upcoming Metro station, offering excellent connectivity through:

• Western Express Highway
• Metro Line 9

This prime location ensures easy access to major employment hubs and urban amenities.

Amenities

Prestige Garden Trails is designed to provide a comprehensive lifestyle experience, featuring:

• Landscaped gardens
• Clubhouse
• Swimming pool
• Children's play zones
• Fitness facilities
• Multipurpose courts

Market Significance

Irfan Razack, Chairman and Managing Director of Prestige Group, emphasized the company's confidence in Mumbai's real estate market. He stated, "Mumbai continues to be one of our key focus markets, and Prestige Garden Trails reflects our confidence in its strong and enduring demand for quality mid-segment housing."

The launch of Prestige Garden Trails aligns with the company's strategy to leverage its brand equity in the suburban markets of Mumbai. This move follows the success of their flagship integrated township, The Prestige City Mulund, in the eastern suburbs.

Prestige Group's Mumbai Portfolio

Prestige Group has been steadily strengthening its presence in Mumbai over the past few years. Their portfolio in the city now includes:

• Luxury developments
• Mid-segment projects
• Commercial properties

This diverse range of offerings demonstrates the company's commitment to catering to various segments of the Mumbai real estate market.

The launch of Prestige Garden Trails not only reinforces Prestige Group's long-term commitment to Mumbai but also showcases their ability to deliver homes that elevate urban living standards. As the real estate sector continues to evolve, projects like these play a crucial role in shaping the urban landscape and meeting the housing demands of India's growing cities.