Bengaluru-based Prestige Estates is set to launch ₹30,000 crore worth of housing projects in the upcoming quarter. Executive Director Zayd Noaman confirmed that most of these projects have received RERA approvals and will be introduced in the market within weeks. The projects will primarily be launched in key cities, including Bengaluru, Delhi-NCR, Chennai, and Mumbai, reinforcing Prestige Estates' strong presence in India's real estate sector.
Despite a 38% decline in sales bookings during April-December 2024 due to regulatory delays, Prestige Estates remains confident of meeting its ₹24,000 crore sales target for the fiscal year. Chairman and Managing Director Irfan Razack emphasized that achieving this goal depends on regulatory clearances, as the company typically sells 30-40% of its inventory upon launch. With ₹30,000 crore worth of inventory lined up, Prestige Estates expects to regain sales momentum quickly.
According to its investor presentation, Prestige Estates sold 8.09 million sq ft at an average price of ₹13,128 per sq ft in the first nine months of FY25. The company recorded a total sales value of ₹10,065.7 crore, with collections from customers reaching ₹8,910.9 crore. Although overall sales bookings declined, Prestige Estates is optimistic about achieving its pre-sales target with upcoming high-velocity projects.
In FY24, Prestige Estates reported a record ₹21,040 crore in sales bookings, marking a 63% year-on-year growth. The company has a diversified portfolio across residential, commercial, retail, hospitality, and warehouse segments, with operations in over 13 major locations in India. With 302 completed projects covering 193 million sq ft and 59 ongoing projects spanning 101 million sq ft, Prestige Estates remains a dominant player in the real estate market.
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