In the current fiscal year, the real estate giant Prestige Estates Projects Ltd. plans to sell residential, retail, office, hospitality and other services properties worth at least ₹ 12,000 crores, an upswing of 16% over the previous year. Prestige Estates Projects Ltd. is incredibly well-known in the Southern part of India and has now forayed into the Real Estate market of Mumbai.
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An Insight on Prestige Estates Projects Ltd.
Prestige Estates Projects Ltd’s sales bookings increased by a whopping 90% to an incredible high of ₹10,382.2 crores in the recent fiscal year of 2021–2022. Irfan Razack, the CMD of Prestige Estates, responded to an analyst’s question on whether the company expected to make a minimum of ₹12,000 crores in sales in FY23. “We are looking at it as the absolute minimum. There is more that we are considering.”
“It depends on how quickly individual projects receive approval, but the target and goal are in place. Hopefully, we can go beyond that, ” Razack remarked in accordance with an analyst call transcript released on the company’s website.
Prestige Estates Projects Ltd. had a net profit of ₹ 45.8 crores. The company’s overall revenue increased 42% to ₹ 2,011.8 crores in the April-June quarter from ₹ 1,418 crores in the same quarter the year prior.
As of August 17, 2022, the Prestige Estates Projects Ltd share price stands at ₹ 457.50.
CEO Speaks
Venkat Narayana, CEO of Prestige Estates, estimated that Bengaluru, the company’s primary market, will contribute roughly ₹ 8,500 crores to its total sales bookings this fiscal, with the remaining money coming from other cities like Hyderabad and Mumbai. Prestige Estates Projects Limited sales booking increased by 310 percent annually to ₹3,012.1 crores in the first quarter of this fiscal year. Of this, sales commitments totaling ₹ 750 crores came from Mumbai, its new market.
“3.63 million square feet were sold. The average price per square foot is ₹ 8,500. In the quarter ending in June, we sold 2,560 units. In Q1, it will sell over 28 residences daily, “said Narayana.
Predictions for the Ensuing Quarters
In the coming quarters of this fiscal year, Prestige Estates Private Limited intends to break ground on a number of projects totaling close to 15 million sq ft. Additionally, it includes inventories for the active projects. Regarding the demand outlook for the housing segment, Razack said, “I believe despite all the headwinds that we are getting in terms of interest rates, in terms of cost escalations, we still have our heads together, and we have got different ways of mitigating this, and I am sure the momentum will not drop.”
In recent months, the RBI raised the repo rate to curb inflation by 140 basis points. Real estate developers have raised apartment prices to offset rising input costs and enhance profit margins. The company’s Chairman & Managing Director reported that following the 2nd wave of the COVID-19 epidemic, it’s retail and hospitality operations have recovered.
Prestige Estates Private Limited, in the current fiscal year, intends to introduce a project to the Noida market to meet the people’s housing demand. Prestige Estates recently recorded an increase in the combined net profit of nearly four times, or ₹ 204.9 crores, for the quarter that ended in June.
see also – How is IT Sector Transforming and Booming the Demands of Homes in Bangalore?
Legacy of the Prestige Group!
One of the top real estate developers in the nation, Prestige Group, has a history of more than three decades in the industry. With activities in 12 major Indian cities, it offers a varied business model spanning several market areas, including residential, retail, office, hospitality, and other services. The group has concluded 271 projects totaling 151 million sq ft of developable space, and it is now working on 48 projects across various segments, totaling 75 million sq ft of developable space. 51 projects totalling 84 million sq ft are also in various planning stages. The corporation operates more than 1,300 keys as part of its hotel portfolio. Additionally, the group has a land bank totaling more than 375 acres, which may be developed for an additional 27 million sq ft of space.
To Sum it Up
The Prestige Estates Shares its vision with countless realty developers and citizens alike in accelerating our country’s infrastructure and real estate development. With countless projects in the making, Prestige Estates Project Ltd. is spearheading the real estate boom in our country.
