Prestige Estate Reports Downturn in Sales Volume by 23% in Q1 FY25
Despite facing a decline in sales, Prestige Estates has maintained a healthy mix of sales from its top geographies, including Bengaluru, Hyderabad, and Mumbai.
Prestige EstatesReal EstateQ1 Fy25Sales VolumeIndiaReal Estate MumbaiJul 11, 2024
According to a regulatory filing, the company sold 2.86 million square feet in April-June, compared to 3.83 million square feet in the same period last year. The total units sold during the first quarter of 2024-25 were 1,364. Despite the decline, the average realisation was Rs 11,934 per square feet for apartments, villas, and commercial spaces, marking a 16% year-on-year increase. Plots saw an average realisation of Rs 7,285 per sq ft, up by 46% year-on-year.
Irfan Razack, Chairman and Managing Director of Prestige Estates Projects, expressed satisfaction with the company's performance in Q1 FY25, citing its robust market presence. He attributed the lag in approvals and project launches to the election period. Razack highlighted the company's maintained healthy mix of sales from its top geographies, including Bengaluru (43%), Hyderabad (32%), and Mumbai (23%).
Prestige Estates is looking forward to launching an extensive pipeline of projects across diverse geographies in the upcoming quarters. These projects are expected to further strengthen its market position. As one of the leading real estate developers in the country, Prestige Group has completed 300 projects spanning a developable area of 190 million square feet.
Information
Prestige Group is a renowned real estate developer in India, known for building residential, office, retail, hospitality, and warehouse projects.
Frequently Asked Questions
What was the sale booking value of Prestige Estates Projects Ltd in Q1 FY25?
Rs 3,029.5 crore
What was the reason behind the decline in sales bookings in Q1 FY25?
Delay in launches of new projects
What is the average realisation per square feet for apartments, villas, and commercial spaces in Q1 FY25?
Rs 11,934
What is the share of Bengaluru in Prestige Estates' sales mix?
43%
How many projects has Prestige Group completed so far?
300 projects spanning a developable area of 190 million square feet
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