Prestige Estates sales bookings rise 66% to Rs 3,511 crore in Q2 FY23, Real Estate News, ET RealEstate

NEW DELHI: Property company Prestige Estates Projects Ltd’s sales bookings rose 66% year-on-year to Rs 3,511 crore in the second quarter of this fiscal year on higher demand despite rising interest rates interest on home loans.

Prestige Group recorded sales of Rs 3,511 crore in the July-September period compared to Rs 2,111.9 crore a year ago.

Collection from customers increased 68% year-on-year to Rs 2,602.9 crore, the company said in its operational update for the second quarter and first half of this fiscal year filed. in stock exchange.

“Sales during this period are attributed to a volume of 4.55 million square feet with an average realization of Rs 7,711 per square foot,” the company said.

During the April-September period this financial year, Prestige Group’s sales bookings more than doubled to Rs 6,523.1 crore from Rs 2,845.9 crore in the corresponding period of the previous year.

Sales during this period are attributed to a volume of 8.18 million square feet with an average realization of Rs 7,976 per square foot.

In the first half of fiscal 2022-23, new launches totaled 17.06 million square feet and completions totaled 3.35 million square feet.

Irfan Razack, President and CEO of Prestige Group, said: “The year has started very well and we have reached figures in line with our plans. We have excellent momentum and the team is very motivated to achieve our next level of growth”.

“We are excited to see new launches in various geographies, which will contribute to sales in the quarters to come,” he added.

Venkat K Narayana, CEO of Prestige Group, said the company was on track to surpass last year’s performance.

“We sold 3,210 units during the second quarter, which translates to 36 Prestige homes/units sold on average each day. %, respectively.”

Prestige Group, one of the leading real estate developers in the country, has a diversified business model in various segments – residential, office, retail, hospitality, property management and warehouses, with operations in over 12 major locations in India.

It has completed 271 projects covering 151 million square feet of developable area and 48 ongoing projects across all segments, with a total developable area of ​​75 million square feet.

Additionally, it plans 51 projects covering 84 million square feet and holds a land bank of over 375 acres as of June 2022.