Prestige Estates Sales Bookings Down 38% in Apr-Dec

New Delhi, Feb 2 (PTI) Real estate firm Prestige Estates Projects Ltd's sales bookings have declined 38 per cent to Rs 10,065.7 crore during the April-December period of this fiscal year as it launched fewer housing projects due to delay in regulatory approvals.

Bengaluru-based 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 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 full fiscal year as housing demand continues to be strong.

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.

Commenting on the sales outlook, Prestige Group CMD Irfan Razack 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 added.

Prestige Estates on Friday 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 in the third quarter of this fiscal year from Rs 1,970.5 crore in the corresponding period of the previous year.

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.