Prestige Estates Set to Launch Four New Projects in Mumbai and Bengaluru
Prestige Estates is set to launch four new projects in Mumbai and Bengaluru in the second quarter of FY25. The company is also planning to launch three projects in the Delhi-NCR market during the October-December quarter.
Prestige EstatesReal EstateMumbaiBengaluruDelhi NcrReal Estate MumbaiAug 01, 2024
The company currently has a minimal inventory, but Razack emphasized that the market is still strong, and demand is high. Prestige Estates has 955 keys under-construction in the hospitality segment across Bengaluru and Delhi-NCR. It also has 1,465 keys under operation presently.
In the retail segment, occupancy rates across malls are hovering around 95-97%. The company's office properties are witnessing occupancy levels of over 90%, barring one or two new properties. Razack also mentioned that the company's overall debt is around ₹5,000 crore, primarily due to land acquisitions in the last few quarters.Prestige Estates recently reported a 13% decline in its consolidated net profit to ₹232.6 crore during the April-June period. The company's net profit stood at ₹266.9 crore in the year-ago period. The average realization during the quarter came in at ₹11,934 per square feet for apartments, villas, and commercial spaces, up 16% year-on-year.
The company maintained a healthy mix of sales from its top geographies -- Bengaluru (43%), Hyderabad (32%), and Mumbai (23%). 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.\n\nAbout Prestige Estates\nPrestige Estates is a Bengaluru-based realty player with a footprint of 190 million square feet across 13 cities. The company undertakes residential, office, retail, hospitality, and warehousing projects.
Frequently Asked Questions
How many projects is Prestige Estates planning to launch in Mumbai and Bengaluru?
Four
When is Prestige Estates planning to launch its projects in the Delhi-NCR market?
During the October-December quarter
What is the current occupancy rate in Prestige Estates' retail segment?
Around 95-97%
What is the average realization per square feet for Prestige Estates' apartments, villas, and commercial spaces?
₹11,934
How many cities is Prestige Estates present in?
13
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