Prestige Group clocks 88% growth in sales booking worth Rs 2,111.9 crore

Prestige Estates Project Limited reported 88 per cent year on year growth on Monday. In the quarter ending September, the group received revenue of Rs 2,111.9 crore in its sales bookings on better housing demand.

In the last fiscal year, the company received Rs 1,123.3 in its sales bookings.

The Bengaluru-based firm said that it received Rs 2,845.8 crore from sales booking in the first six months of this year as compared to Rs 1,584.4 crore in the same period last year.

Prestige Group Chairman Irfan Razack said, “Despite the challenging environment, Prestige has clocked highest quarterly sales and collections.”

The company clocked new bookings from its newly launched project, Prestige Great Acres and from the existing projects in various cities, he added.

The chief executive officer of Prestige Group, Venkat K Narayana said “H2F22 will be an exciting period backed by favorable macro fundamentals and a robust launch pipeline.”

He added, “Apart from the launches in the southern market, we are launching three projects in Mumbai and one project in NCR with a combined launch pipeline to the tune of 10 million sq. ft.”

Prestige Group is one of the leading real estate companies in India. It invests in the residential, office, retail, and hospitality segment of real estate in 12 metropolitan cities of India. The firm has successfully delivered 250 projects with a total developed area of 136 million sq. ft., and it is currently working on 50 ongoing projects, which are 62 million sq. ft. in total. The company has 68 million sq. ft. that is under planning and holds a land bank of 27 million sq. ft.

Published by– PTI