Prestige Estates Faces 23% Slump in Q1 Sale Bookings due to Delayed New Launches
Bengaluru-based real estate major Prestige Estates witnessed a 23% decline in sales during the first quarter of FY24-25 due to delayed new project launches.
Prestige EstatesReal EstateSales BookingsNew LaunchesFy24 25Real EstateJul 12, 2024
In the year-ago period, the company's sale bookings stood at ₹3,914.7 crore. Despite the setback, Prestige Estates Chairman and Managing Director Irfan Razack expressed satisfaction with the company's performance in Q1 FY25, citing its robust market presence.
The company sold a total of 1,364 units during the first quarter of FY25, with a total sales volume of 2.86 million square feet, down from 3.83 million square feet in Q1 FY24. The average realization for apartments, villas, and commercial spaces stood at ₹11,934 per square feet, up 16% year-on-year.
Meanwhile, plots saw an average realization of ₹7,285 per square feet, recording a 46% jump on an annual basis. The total sales collection for the company during the period under review came in at ₹2,916 crore, up 6% year-on-year.
During the June quarter, Prestige Estates launched two residential projects in Bengaluru, covering a total developable area of 1.86 million square feet, with a combined gross development value of around ₹1,400 crore. The company also released South Block in Prestige Ocean Towers in Marine Lines, Mumbai, which received an overwhelming response.
information Prestige Estates is a leading real estate developer in India, present across 13 cities with a footprint of 190 million square feet. The company undertakes residential, office, retail, hospitality, and warehouse projects.
Prestige Estates is a Bengaluru-based real estate major with a strong presence in the Indian market.
Frequently Asked Questions
What was the sales decline of Prestige Estates in Q1 FY24-25?
23% decline in sales to ₹3029.5 crore
What was the reason for the decline in sales?
Delay in new project launches
What was the total sales volume of Prestige Estates in Q1 FY24-25?
2.86 million square feet
How many units did Prestige Estates sell during Q1 FY24-25?
1,364 units
What is the average realization of apartments, villas, and commercial spaces of Prestige Estates?
₹11,934 per square feet
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