Prestige Estates Aims for 30% Increase in Sales in FY25
Real estate developer Prestige Estates Projects targets to increase its annual sales by 25-30% in FY25
Real EstatePrestige EstatesFy25Sales GrowthIndian Real EstateReal EstateMay 29, 2024
Despite a 70% drop in consolidated profit to Rs 140 crore in the quarter ending March 31 (Q4) due to lower income, the management is optimistic about the company's future prospects. Prestige Estates reported its highest ever annual collections of Rs 11,954 crore, up 22%. The company has completed 300 projects and delivered 25 million square feet of area in FY24.
The company has also launched a total of 9.35 million square feet of properties in Q4 and has signed a deal with ADIA Kotak AIF for Rs 2,001 crore for four projects in Bengaluru, Delhi, and Mumbai. Additionally, Prestige Estates has acquired 62.5 acres of land at Indirapuram extension-NCR with a development potential of 10 million square feet and sales potential of Rs 10,000 crore.
Irfan Razack, chairman and managing director, Prestige Group, said, We are happy to announce our strong achievements in FY24 -- our record-breaking sales coupled with the highest ever annual collections, and area sold -- among other parameters, reflect the trust of our customers and dedication of our team.
The management has also stated that it has about Rs 60,000 crore worth of launches in the pipeline, which have been designed and locked in for approval.
Prestige Estates Projects is a leading real estate developer based in Bengaluru, India. The company has a strong track record of delivering high-quality projects and has completed over 300 projects across India.
Prestige Estates Projects is a leading real estate developer in India, known for its high-quality projects and customer-centric approach. With a strong presence in Bengaluru, Delhi, and Mumbai, the company is committed to delivering exceptional living experiences to its customers.
Frequently Asked Questions
What is Prestige Estates' sales growth target for FY25?
Prestige Estates is targeting a 25-30% increase in annual sales in FY25
What was Prestige Estates' revenue in FY24?
Prestige Estates reported a revenue of Rs 21 040 crore in FY24
How many projects has Prestige Estates completed?
Prestige Estates has completed over 300 projects across India
What is the development potential of the land acquired by Prestige Estates at Indirapuram extension-NCR?
The land acquired by Prestige Estates at Indirapuram extension-NCR has a development potential of 10 million square feet
What is the sales potential of the project to be launched by Prestige Estates in August-September?
The project to be launched by Prestige Estates in August-September has a sales potential of Rs 10 000 crore
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