Bengaluru Based Prestige Group Registers a Whopping 111 per cent Sales Growth in Q3 FY24

Outstanding Sales Figures for Prestige

Prominent Bengaluru-based real estate developer, The Prestige Group, reported an impressive revenue of Rs 5,326.1 crore during the third quarter of fiscal year 24. An astounding 111 percent growth has been achieved year-over-year. A regulatory filing dated January 9 described a 5.46 million-square-foot development.

Significant homebuyer payments totaling Rs 3,116.3 crore have been received by the organisation, with apartments and villas selling for an average of Rs 9,762 per square foot.

Continuous expansion over the course of 2023

Comparing the first nine months of FY24 to the same period in FY23, the group generated Rs 16,333.4 crore in revenue, an 81 percent increase. During this time period, total collections increased by 20% annually, reaching Rs 8,478.8 crore. The overall development encompassed 16.13 million square feet, with apartments and villas remaining priced at an average of Rs 10,143 per square foot.

Strong Unit Sales and new project launches

The group achieved revenue of $2,467 in the third quarter of FY24 and 8,402 in the first nine months. An impressive thirty-eight million square feet were introduced during the initial nine months of fiscal year 24.

Launches of Significant Projects in Q3

There were three significant initiatives initiated in the third quarter of fiscal year 24; they occupied a combined area of 14.62 million square feet. The Prestige City Hyderabad, Prestige Ocean Towers in Mumbai, and Prestige Glenbrook in Bengaluru are examples of such developments.

Perspective of the Chairman on Future Expansion

Irfan Razack, the Chairman and Managing Director of Prestige Group, provided an analysis of the organization's accomplishments and prospective initiatives. He stated that more than 12 million square feet have been completed so far this year, and that 85 million square feet are in the process of being developed. He further emphasised the organization's emphasis on substantial forthcoming undertakings in Bengaluru, Mumbai, and Chennai within the forthcoming quarter.

Broadening the Scope of Residential Property

The group announced in September of the prior year its intention to introduce approximately 18 million square feet of residential property in FY24, with a sales volume anticipated to surpass Rs 16,000 crore. In addition, the company intends to enter the residential market in Delhi-National Capital Region by the conclusion of the current fiscal year or the beginning of FY25, as stated by CEO Venkat K. Narayana.