Prestige Estates Projects Ltd., a leading real estate developer in India, recently witnessed a significant block trade on the National Stock Exchange (NSE). The transaction, valued at ₹53.46 crores, involved approximately 334,003 shares changing hands at a price of ₹1,600.70 per share.

Transaction Details

This block trade comes at a time when Prestige Estates Projects has been showing strong performance in the real estate sector. According to the company's recent operational update, Prestige Estates has reported impressive growth across various metrics.

Recent Company Performance Highlights

• Record-Breaking Sales: The company achieved its highest-ever H1 sales of ₹181,437.00 million, surpassing its full-year sales from the previous fiscal year.
• Quarterly Performance: Sales of ₹60,173.00 million, marking a 50% year-on-year growth.
• Sales Volume: 4.42 million square feet, up 47% year-on-year, translating to 2,069 units sold.
• Average Realization: For apartments, it rose 8% year-on-year to ₹14,906.00 per square foot.
• Strong Collections: ₹42,128.00 million, up 54% year-on-year.

The block trade, occurring amidst these strong financial indicators, may reflect institutional interest in the company's stock. However, the specific reasons for this large transaction and the parties involved have not been disclosed.

Prestige Estates Projects continues to expand its presence across major Indian cities, with a diverse portfolio spanning residential, commercial, retail, and hospitality sectors. The company's recent successes in projects like Prestige Nautilus in Mumbai and The Prestige City Indirapuram in NCR demonstrate its growing national footprint and brand strength in the real estate market.

Investors and market watchers will likely keep a close eye on Prestige Estates Projects' stock performance and future announcements to gauge the impact of this significant block trade and the company's ongoing expansion strategies.

Prestige Estates Projects Limited , a leading Indian real estate developer, has reported exceptional financial results for the second quarter, showcasing robust growth and strong market performance across its key operational areas.

Strong Sales Growth

Prestige Estate recorded quarterly sales of ₹60,173.00 million, representing a remarkable 50% increase compared to the same period last year. This impressive growth was driven by sustained demand across various markets and segments.

Key Performance Highlights

Geographical Sales Distribution

The company's sales performance demonstrated a balanced and geographically diversified portfolio:

Improved Realizations

Prestige Estate saw significant improvements in average realizations:

• Apartments: ₹14,906.00 per square foot (8% YoY increase)
• Plots: ₹9,510.00 per square foot (43% YoY increase)

New Launches

The company launched 3.87 million square feet of developable area, with a total gross development value (GDV) of ₹39,669.00 million. Key launches included:

1. Mayflower at The Prestige City (NCR)
2. Prestige Autumn Leaves (Bengaluru)
3. Prestige Greenbrook (Bengaluru)
4. Prestige Crystal Lawns (Bengaluru)

Office and Retail Segment Performance

• Office Segment: Achieved gross leasing of 2.3 million square feet with a healthy portfolio occupancy of 93.42%.
• Retail Segment: Reported a gross turnover of ₹6,236.00 million, up 9% year-on-year, with an impressive 99% portfolio occupancy.

Management Commentary

Irfan Razack, Chairman and Managing Director of Prestige Group, expressed satisfaction with the company's performance, highlighting the success of flagship projects like Prestige Nautilus in Mumbai and The Prestige City Indirapuram in NCR. He emphasized the company's focus on timely delivery, prudent financial management, and a strong project pipeline to sustain growth.

Prestige Estate's stellar quarterly performance underscores its strong market position and effective strategy in navigating the dynamic real estate landscape. The company's geographically diversified portfolio and successful project launches have contributed significantly to its growth, setting a positive tone for the remainder of the fiscal year.