Prestige Estates on Tuesday announced its operational performance for the 9M and Q3 ending 31st December 2023. During the nine months of the financial year 2023-24, the company said, it registered sales of Rs 163,334 million (up by 81 per cent yoy) and collections of Rs 84,788 million (up by 20 per cent yoy). The sales during this period are attributed to 16.13 million sqft volume with an average realization of Rs 10,143/ sqft (for apartments/ villas), it added.
Similarly, during the Q3FY24, the Group recorded sales of Rs 53,261 million (up by 111 per cent yoy) and collections of Rs 31,163 million (up by 36 per cent yoy). The sales during this period, it said, are attributed to 5.46 million sqft volume with an average realization of Rs 9,762/ sqft (for apartments/ villas).
Per the numbers shared by Prestige Estates, the number of units sold in 9M and Q3FY24 stood at 8,402 and 2,467 units, respectively. Meanwhile, the total launches in the first 9M of the year FY24 stood at 30.82 million sqft. During the quarter Q3FY24, three projects were launched spanning 14.62 million sqft as below:
The Prestige City Hyderabad: The Prestige City Hyderabad located at Rajendranagar is offering apartments ranging from 1 BHK, 2 BHK, 3 BHK & 4 BHK configurations and villas with a Forum mall. This mixed-use development spans a land area of 64 acres, with a development potential of approximately 14 million sqft.
Prestige Ocean Towers: Prestige Ocean Towers is located at Marine Lines, Mumbai and consists of two ultra luxury high rise towers offering exclusive 4 & 5 BHK residences. The development comprises 169 apartments on a 2.3 acre land parcel with a carpet area of ~0.462 million sqft.
Prestige Glenbrook: Prestige Glenbrook is located in Bengaluru.
Furthermore, the company said that during the first 9M of the year FY24, the completions stood at 12.23 million sqft. During Q3FY24, three projects were completed spanning 4.12 million sqft and these included, Prestige Sky Tech, Prestige Ocean Crest, and MOXY – Prestige Tech Cloud.
Han Razack, Chairman and Managing Director, Prestige Group, said, “We’re pleased with our performance in the initial nine months and third quarter of FY24. The trust shown by over 8,400 families in choosing Prestige homes this 9M FY24 is truly heartening. While the sales figures in recent years have been formidable, our focus remains on execution, prompt delivery, and ensuring utmost customer satisfaction.”
“Within this year alone, we’ve completed over 12 million sqft and are actively developing an extensive pipeline of 85 million sqft across regions we operate. This quarter marked a milestone as we launched close to 15 million sqft, one of our highest launches in a single quarter. Looking ahead, we’re gearing up for substantial projects in Bengaluru, Mumbai, and Chennai in the next quarter. These will bolster our sales, enhance collections, and fortify our presence across diverse geographical regions.”
Expressing his views on the performance, Venkat K Narayana, Chief Executive Officer, Prestige Group, said, “Continuing the sales momentum, Prestige Group has achieved a remarkable milestone in the first nine months of FY24. Our sales performance stands at an impressive Rs 16,300+ crore, surpassing the entirety of FY23’s sales by 26 per cent.”
Additionally, this quarter marked the unveiling of the company’s largest project in Hyderabad with a total development area of ~13 million sqft and 4700+ units, generating quarterly sales nearing Rs 2500 crore. “Furthermore, the response to our newly unveiled luxury project in Mumbai, ‘Prestige Ocean Towers,’ has been outstanding as well. This quarter, we also successfully completed a 128-key Marriott-branded Moxy hotel at Prestige Tech Cloud near the Bengaluru International Airport. As we continue to redefine excellence, these achievements reflect the collective efforts and vision of the entire Prestige team,” added Venkat K Narayana.