India’s leading real estate developer, Prestige Estates, has announced its update on operational performance for the quarter ending 30th June 2022. During Q1 FY23, the Group has registered sales of INR 30,121 mn, of which the Mumbai region has contributed INR 7378 mn. The sales have come from 3.63 mn sft volume with an average realization of INR 8298/sft. Collections made during the quarter were to the tune of INR 21,464 Mn.
During the quarter, 4 projects were launched spanning 9.67 mn sft, viz Prestige Tech Forest, Prestige Waterfront, Meridian Park Phase II in The Prestige City in Bangalore and Prestige Bellanza in The Prestige City, Mumbai. Three projects totalling 0.78 mn sft- Prestige Poseidon Annexe, Prestige Woodland Park and Prestige Metropolitan were completed during the quarter.
Summarized operational performance for the period is as under:-
Particulars Q1FY23 Q1FY22 Growth%
Sales (INR, Mn) 30,121 7,339 310%
Collections (INR, Mn) 21,464 10,223 110%
Launches (Mn sft) 9.67 –
Completions (Mn sft) 0.78 0.20 280%
Commenting on the performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are delighted as we review the robust performance of the yet another quarter. 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. We are also excited for the new launches lined up for the next few quarters and are all set to introduce some fantastic projects across various geographies and segments.”
Expressing his delight on the performance, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group remarked, “Despite the interest rate hikes and the mixed macroeconomic sentiments, we have clocked 3 times the sales of Q1 FY 22. It is exhilarating to see the warm response received, especially in Mumbai. We hope to keep up this momentum and have ~15 mn sft of launches planned for the next few quarters across Bangalore, Mumbai, NCR, Hyderabad, and Chennai.”