Prestige Group Aims for ₹2000 Crore Revenue from New Mumbai Housing Project
Prestige Estates Projects Ltd is aiming to generate about Rs 2000 crore in revenue from its new residential project in Mumbai. In a regulatory filing on Tuesday, the company announced the launch of 'Prestige Garden Trails,' situated in the Dahisar-Mira Road corridor along the Western Express Highway in Mumbai.
Spanning across 5.2 acres, the project offers a total carpet area of about 10 lakh square feet, comprising 1,324 units. The Gross Development Value (GDV) of the project is estimated at about Rs 2000 crore.
Irfan Razack, Chairman and Managing Director of Prestige Group, stated, “Mumbai continues to be one of our key focus markets. The upcoming project reflects the company's confidence in the strong demand for quality mid-segment housing in the Mumbai Metropolitan Region (MMR).”
Recently, Prestige Estates launched 620 flats for sale in Ghaziabad with an estimated revenue of Rs 2200 crore. This move is part of the company's strategy to expand its business amid strong demand for premium residential properties.
Founded in 1986, Prestige Group has completed over 300 projects across more than 199 million square feet of developable area. The company has ongoing and upcoming projects in key markets such as Bengaluru, Mumbai, Hyderabad, Chennai, NCR, Goa, and Kochi.
Prestige Estates Projects reported a 50% increase in its sales bookings to Rs 6,017.3 crore during the second quarter of this fiscal, driven by better housing demand. Sales volume for the quarter stood at 4.42 million square feet, up 47% year-on-year. The company sold 2,069 units during the July-September period.
The average realisation for apartments rose 8% year-on-year to Rs 14,906 per square foot, while plots saw a sharp 43% increase in realisation to Rs 9,510 per square foot.
For the first half of this fiscal, Prestige Estates achieved record sales of Rs 18,143.7 crore, up 157% year-on-year. The company has surpassed its full-year FY25 sales target. Sales volumes aggregated 13.96 million square feet, representing 6,788 units sold.
