Prestige Estates Projects reports 12% fall in Q1 profit due to lower sales and fewer launches, amidst a slowdown in approvals and project launches during the election period.
Indian Real EstatePrestige Estates ProjectsOberoi RealtyLuxury ProjectsSlowdown In ApprovalsReal Estate MumbaiJul 31, 2024
The company reported a consolidated net profit of Rs 233 cr in Q1, a 12% fall from the same period last year.
The decline in profit was due to lower sales and fewer launches during the quarter, amidst a slowdown in approvals and project launches during the election period.
The luxury segment of the housing market continued to show growth, with higher-end buyers remaining unfazed by inflationary pressures.
Mumbai-based Oberoi Realty reported an 82% profit jump in the June-quarter, as demand for luxury projects sustained its momentum.
Prestige Estates Projects is known for its premium residential and commercial projects, with a strong presence in South India.
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