Listed real estate firm Prestige Group will soon hand over 12.64 million square feet (msf) of residential projects in southern India. Additionally, five projects will be inaugurated, completed and handed over by November 2022. In the second quarter of this fiscal, the company reported sales of Rs 3,511 crore, a 66 percent increase year-on-year (YoY).
Chairman and Managing Director (MD), Prestige Group, Irfan Razack said, "The real estate sector’s staunch recovery is now a living truth, and we are honoured to be contributing tirelessly to the upward spike of growth. The calendar for this month is all about upcoming project announcements in the cities we call home."
For November, the company plans to complete sales and hand over Prestige Willow Tree in Vidyaranyapura, Prestige Park Drive Phase 1 & Phase 2 spread over 28 acres in Devanahalli, The Prestige City - Prestige Great Acres, a plotted development across 80 acres of land in Yamare Village, Prestige Hillside Gateway in Kochi, Kerala and Prestige Jindal City spread over 32 acres in Bagalakunte, Bengaluru.
The company said that, during the second quarter of this fiscal, three projects of about 2.58 msf were completed - Prestige Park Drive– Phase I&II, Prestige Minsk Square and Forum Falcon City Mall in Bengaluru. Additionally, during this quarter, the company's income rose to Rs 1,474 crore, it said in a statement. The company sold a total of 3210 units in the quarter.
In the same quarter, five projects were launched spanning 7.39 msf --- The Prestige City Meridian Park- Phase-III and Prestige Park Drive- Phase-III in Bengaluru, Prestige Orchards (Plotted) in Hyderabad, Prestige Liberty Towers and The Prestige City Mulund- Bellanza Phase-II in Mumbai.
During the first half of FY23, the company launched 17.06 msf of development and completed 3.35 msf, respectively. The company sold a total of 5,774 units in the first half of the year. For the first half of this fiscal, the company registered sales of Rs 65,23 crore, an increase of 129 percent YoY and collections of Rs 47,49 crore.
"We are pleased as we review our quarterly and half-yearly performance. We have clocked our highest-ever sales in H1 of any financial year, totalling Rs 6,523 crore which is a great accomplishment and testimony of the hard work put in by our teams. Further, our pipeline of ongoing and upcoming projects keeps us in good stead for new launches and sales in the upcoming quarters," Razack added.
Overall, the company delivered close to 15 msf last year. In the coming years, the company intends to deliver 8-10 msf of launches in Bengaluru.