NEW DELHI, Feb 9: Real estate firm Prestige Estates Projects Ltd is planning to launch Rs 30,000 crore of housing projects this quarter across major cities to tap robust consumer demand.
According to a transcript of company’s discussion with market analysts, Bengaluru-based Prestige Estates Executive Director Zayd Noaman said the company will launch “a total of Rs 30,000 crore worth of inventory” in this quarter.
“We are saying this with utmost confidence as most of these projects have been logged in for RERA and should be launched in the next few weeks,” he added.
Noaman said the company would be launching projects mainly in Bengaluru, Delhi-NCR, Chennai, and Mumbai.
Asked whether the company would be able to meet sales guidance of Rs 24,000 crore for this entire fiscal year, Prestige Group CMD Irfan Razack said it was possible provided the company gets regulatory approvals to launch projects.
Prestige Estates’ sales bookings have declined 38 per cent to Rs 10,065.7 crore during April-December period of this fiscal year as it launched lesser number of housing projects due to delay in regulatory approvals.
“The inventory is available, it is possible because whenever we do a launch, we sell about 30-35 per cent, or 40 per cent of the inventory.
“So, I have got Rs 30,000 crore worth of inventory that can come into the market and 40 per cent of that is Rs 12,000 crore and plus I have got existing inventory.
“So it’s not impossible. Now it all depends on how soon the RERA numbers come,” he said.
Prestige Estates is one of the leading real estate developers of the country.
According to its latest investors presentation, the company sold 8.09 million (80.9 lakh) sq ft area at an average sales realisation of Rs 13,128 per sq ft during the first nine months of the 2024-25 fiscal year.
The number of units sold was 3,618, while sales value stood at Rs 10,065.7 crore and collection from customers at Rs 8,910.9 crore.
Despite a fall in total sales bookings in the first nine months of this fiscal year, Prestige Estates is confident of achieving Rs 24,000 crore pre-sales in the entire FY25.
In the 2023-24 fiscal year, Prestige Estates Projects reported a 63 per cent annual increase in sales bookings at record Rs 21,040 crore from Rs 12,931 crore in the preceding financial year.
On the sales outlook, Razack had said, “We are optimistic about the upcoming launches. Several of our large projects are in the final stages of approval and are expected to be launched in the next few weeks.”
“These high-velocity projects, located across prime geographies, should drive significant sales volumes and help us regain momentum,” he had said.
Last month, Prestige Estates reported an 85 per cent decline in consolidated profit to Rs 17.7 crore for the December quarter as against a net profit of Rs 116.3 crore in the year-ago period.
Total income fell to Rs 1,697.9 crore during the quarter from Rs 1,970.5 crore.
Prestige Group has a diversified business model across various segments — residential, commercial, retail, hospitality, property management and warehouses — with operations in more than 13 major locations in India.
The group has completed 302 projects spanning a developable area of 193 million sq ft.
Further, Prestige Group has 59 projects under development across 101 million sq ft and 65 projects under planning across 96 million sq ft area. (PTI)
Follow our WhatsApp channel
