Real estate developer Prestige Group announced a remarkable surge in their sales bookings for the second quarter of the current fiscal year.
According to a regulatory filing, the company’s sales bookings reached an impressive total of Rs 7,092 crore. This substantial increase marked a remarkable 102 percent growth compared to the same period in the previous year.
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Notably, the collections from customers also showed positive growth, rising by 1 per cent and reaching Rs 2,639.8 crore. In terms of the volume of real estate sold, the sales bookings increased by 50 percent year-on-year, covering a vast expanse of 6.84 million square feet.
PTI in its report quoted Irfan Razack, Chairman and Managing Director, Prestige Group, saying “What makes our achievements even more noteworthy is that in just the first six months of FY’24 we have achieved sales of Rs 11,007 crore, which is close to the sales of the entire 12 months of FY23 of Rs 12,931 crore.”
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“This quarter has been marked by significant launches… which received overwhelming responses, contributing to Rs 5000+ crore of the quarterly sales. Mumbai continues to perform well, garnering formidable sales,” Venkat K Narayana, CEO, Prestige Group added.
The Prestige Group achieved an average realization of Rs 10,369 per square foot for apartments and villas, reflecting a substantial 29 percent growth compared to the previous year. Additionally, the average realization for plots also saw a remarkable increase, reaching Rs 6,753 per square foot, which represented an impressive 62 percent year-on-year growth.
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During the second quarter of this fiscal year, the company successfully sold a total of 3,659 units. These results are indicative of the strong demand for residential properties in the market and underscore Prestige Group’s significant achievements in the real estate sector during this period.
