Sales for Bangalore Headquartered Prestige Estate Increased Three Times During 2022 Second Half Crossing INR 3K Crores

Leading Real estate developer Prestige Estates has reported that its quarterly sales had increased by a factor of three compared to the same period last year. This growth was primarily driven by transactions in the Mumbai area.

According to recent statements made by the firm, over the period of April to June, it pushed sales to a total of 3,012 crore by selling 3.63 million square feet of space at an average realisation of 8,298 rupees per square foot.

"We are happy to see that our newest real estate projects in Mumbai have already begun to have a positive impact on our overall sales figures. We have high hopes for the further appreciation of their worth would be increasing in the subsequent fiscal quarters, "Irfan Razack, who serves as chairman and managing director of Prestige Group, made this statement. "We are also enthusiastic about the new launches planned up for the next few quarters, and we are all ready to launch several initiatives across a variety of locations and market categories," the statement said. During the course of the quarter, Prestige Estates launched four projects in the cities of Bengaluru and Mumbai totaling 9.67 million square feet. The CEO of the firm, Venkat K Narayana, said that the organisation has plans to launch more projects with a combined square footage of 15 million square feet during the next several quarters in the cities of Bengaluru, Mumbai, the National Capital Region (NCR), Hyderabad, and Chennai.

"We have seen three times as many sales as we did in the first quarter of the fiscal year 22 despite the increase in interest rates and the uncertain outlook for the macroeconomy. The enthusiastic reception that has been received, in particular in Mumbai, has been exciting to see. We have high hopes that we can maintain this pace "said Narayana.

The company achieved the highest-ever sales in FY22, totaling 10,382 crore, which is an increase of 90 percent year-over-year. Additionally, the group achieved the highest-ever collections, totaling 7,466 crore. The business now has 52 projects in the works that cover a total developable area of 88 million square feet, in addition to 45 projects that are currently active across all business segments. In addition, as of March 2022, it had a land bank that included more than 375 acres.

In the second quarter of 2022, compared to the previous quarter, residential property prices in the seven most populous cities saw a rise of two to three percent. Prices have grown on an annual basis by between 4 and 7 percent, mostly as a result of increasing input costs and strong demand after the completion of the Covid-19 study.

According to a renowned property expert, quarterly sales were low, which resulted in inventory being unchanged at 625,000 units in the second quarter of 2022, compared to 628,000 units in the first quarter of 2022.