Prestige Estates Projects Ltd is a leading real estate developer is all set to launch housing projects worth Rs 52,000 crore by March 2025. Prestige Estates is gearing up to meet the growing demand for homes by launching an ambitious range of projects in major cities like Bengaluru, Hyderabad, Chennai, Goa, and Delhi-NCR.
Massive Launches Across Significant Markets
In its latest investor presentation, Prestige Estates outlined its plans to introduce over 53 million sq ft of residential projects, targeting a total sales bookings value of Rs 52,114 crore. The company’s commitment to achieving this ambitious target reflects its confidence in the real estate market’s resilience.
CMD’s Optimism on Meeting Targets
During a conference call with analysts, Prestige Estates Chairman and Managing Director Irfan Razack expressed confidence in surpassing the fiscal year sales guidance of Rs 24,000 crore. This optimism is backed by the company’s robust pipeline of projects and strong demand for mid-income housing in prime locations.
Record-Breaking Sales Performance
In the 2023-24 fiscal year, Prestige Estates achieved a record-breaking sales booking of Rs 21,040 crore. However, sales figures for the April-September 2024 period dipped to Rs 7,052.2 crore from Rs 11,007.3 crore in the corresponding period last year. Despite this decline, Razack remains optimistic, attributing the slowdown to project approvals and RERA registrations, which are being fast-tracked to ensure timely launches.
Important Projects in the Pipeline
Zayd Noaman, the company’s Executive Director, highlighted that projects worth Rs 10,000 crore were launched in the first half of the fiscal year, with Rs 8,600 crore contributed by the second quarter alone. Chief Financial Officer Amit Mor confirmed that Rs 25,000 crore worth of projects will be launched in the current quarter, with the remainder slated for Q4 FY25.
Diversified Business Model
Prestige Group’s diversified portfolio spans residential, commercial, retail, hospitality, and warehouse segments, operating across 13 major cities. As of September 2024, the Group has successfully completed 302 projects, covering a developable area of 193 million sq ft.
