Prestige Estates Q1 Sales Down 23% to Rs 3,029 cr

New Delhi, Jul 11 (PTI) Realty firm Prestige Estates Projects Ltd has reported a 23 per cent decline in its sale bookings to Rs 3,029.5 crore in the first quarter of this fiscal on lower volumes due to delay in launches of new projects.

Its sale bookings stood at Rs 3,914.7 crore in the year-ago period.

In a regulatory filing, Prestige Estates said the company sold 2.86 million square feet in April-June against 3.83 million square feet in the corresponding period of the previous year.

Total units sold during the first quarter of 2024-25 were 1,364.

The average realisation was Rs 11,934 per square feet for apartments, villas and commercial spaces, up by 16 per cent year-on-year (yoy).

Plots saw an average realisation of Rs 7,285 per sq ft, up by 46 per cent yoy.

"We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 3,000 crore," Irfan Razack, Chairman and Managing Director of Prestige Estates Projects, said.

He said the company has maintained a healthy mix of sales from its top geographies -- Bengaluru (43 per cent), Hyderabad (32 per cent), and Mumbai (23 per cent).

"In the upcoming quarters, we look forward to launching an extensive pipeline of projects across diverse geographies," Razack said.

These projects will further strengthen its market position, he said.

Prestige Group, one of the leading real estate developers in the country, builds residential, office, retail, hospitality and warehouse projects.

Prestige Group has completed 300 projects spanning a developable area of 190 million square feet.