Q1 Sales Bookings at Prestige Estates Drop 23% to Rs 3,029 Crores Because of Delays in New Launches

The April to June quarter of the financial year 2024-25 saw a 23% sales decline at Prestige Estates. It amounts to a sales dip of Rs 3,029.5 crores. According to a June 11 regulatory filing, this was due to delayed new project launches. The sales for the same period last year were Rs 3,914.7.

Prestige Estates Projects Chairman and Managing Director, Mr. Irfan Razack, said they were pleased with the Q1 FY25 performance. He said it reflects the company’s robust market presence. He stated that the company crossed a commendable sales figure of Rs 3000 crores. This was in spite of a lag in approvals and project launches during the elections.

Mr. Razack said the group has a healthy mix of sales in their top geographies. These are in Bangalore (43%), Hyderabad (32%), and Mumbai (23%). He also said the company is going to launch many projects across different locations.

Its regulatory filing said the company had sold 1364 units in the first quarter of FY25. The sales volume was 2.86 million square feet. This is less than the 3.83 million square feet sold in the first quarter of FY24.

The average price was Rs 11,934 per square foot for apartments, villas, and commercial areas. It is an increase of 16% year-on-year. Plots saw a bigger increase, and their average prices went up by 46% to Rs 7,285 per square foot. During the review period, the company collected Rs 2,916 crores in sales. It is a 6% rise year-on-year.

The company launched two residential projects in Bengaluru during the June quarter. These are over a total area of 1.86 million square feet. The gross development value is around Rs 1,400 crores. Mr. Razack shared that they have also released the South Block in their Mumbai project. The launch at Prestige Ocean Towers, Marine Lines, has received a great response.

The group has built residential, retail, warehouse, office, and hospitality projects. It has developed an area of 190 million square feet in total. It has built 300 projects in 13 cities in the country.

Prestige Group prelaunch apartment is Prestige Raintree Park.