Prestige Group sales bookings jump 4-fold on account of better demand

Realty firm Prestige Estates on Monday reported over four-fold jump in its sales bookings at Rs 3,012 crore during the first quarter of this fiscal year on better demand and lower base effect.

The sales bookings stood at Rs 733.9 crore in the year-ago period, which was badly hit by the second wave of the COVID pandemic.

In a regulatory filing, Bengaluru-based Prestige Group said it has registered sales of Rs 3,012.1 crore, of which the Mumbai region has contributed Rs 737.8 crore.

"The sales have come from 3.63 million square feet volume with an average realisation of Rs 8,298 per square feet. Collections made during the quarter were to the tune of Rs 2,146.4 crore," it said.

In the June quarter, the company launched four projects comprising 9.67 million square feet. Three projects totalling 0.78 million square feet were completed during the last quarter.

On the performance, Irfan Razack, Chairman and Managing Director, Prestige Group said: "We are happy to see the contribution of our newly launched projects in Mumbai to our overall numbers and are optimistic about the increasing value they will be adding in the upcoming quarters."

Venkat K Narayana, Chief Executive Officer, Prestige Group, said the company's sales bookings have grown multi-fold despite the interest rate hikes and the mixed macroeconomic sentiments.

"We hope to keep up this momentum and have around 15 million square feet of launches planned for the next few quarters across Bangalore, Mumbai, NCR, Hyderabad and Chennai," he added.

Prestige Group has diversified business model across various segments -- housing, office, retail, hospitality and services with operations in 12 major locations in India.

The Group has completed 268 projects spanning developable areas of 151 million square feet and has 45 ongoing projects across segments, with a total developable area of 65 million square feet.

Further, it is planning 52 projects spanning 88 million square feet and holds a land bank of over 375 acres as of March 2022.