In the ever-evolving world of real estate, the story of Prestige Estates Projects Ltd stands as a testament to resilience and growth. The real estate giant is now setting its sights on an extraordinary sales target of Rs 20,000 crore, a remarkable 55% increase from the previous fiscal year. This bullish move is backed by a spectacular performance in the first half of 2023-24, during which the company achieved pre-sales of around Rs 11,000 crore.

This substantial sales guidance revision from the earlier Rs 16,000 crore is a testament to the robust demand for residential properties, especially in cities like Bengaluru, where Prestige Estates has a stronghold. The company's Chairman and Managing Director, Irfan Razack, has exuded confidence in the team's ability to meet and exceed this revised target.

Residential Real Estate's Resurgence

One of the primary drivers of this impressive surge in sale bookings can be attributed to the successful launches of housing projects in Bengaluru - 'Prestige Park Grove' and 'Prestige Serenity Shores.' After a hiatus, the company made a triumphant return with the launch of a large-scale residential project in Bengaluru. This move was overwhelmingly welcomed by customers, marking the key to Prestige Estates' tremendous success.

"The sector is going through consolidation. So, there is immense growth potential," Razack said, highlighting the vibrant landscape of the real estate sector in India. This expansion is not limited to a specific segment; it extends across all price brackets. Prestige Estates is capitalizing on its strong brand name to leverage this demand.

The increased sales guidance is further substantiated by the aggressive launch pipeline planned for the second half of the fiscal year. Prestige Estates has projects lined up in major cities such as Bengaluru, Hyderabad, Chennai, and Mumbai. It's also gearing up for luxury housing projects in Goa and Delhi.

Record-Breaking Performance

Prestige Estates' track record in the real estate industry is nothing short of remarkable. During the second quarter of the current fiscal year, the company reported a phenomenal two-fold increase in sale bookings, reaching an impressive Rs 7,092.6 crore. In terms of volumes, sale bookings rose by a staggering 50%, amounting to 6.84 million square feet during the July-September quarter.

Out of the total sale bookings in Q2, Razack mentioned that approximately Rs 6,000 crore came from Bengaluru, with Mumbai and Hyderabad contributing Rs 500 crore each. This diverse geographical success reflects the broad appeal of Prestige Estates' projects.

The Driving Factors for High Sales

"What makes our achievements even more noteworthy is that in just the first six months of FY24 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," Razack commented. The sheer magnitude of this feat speaks to the quality and appeal of Prestige Estates' offerings.

The average realization per square foot for apartments and villas was Rs 10,338, while plots garnered an average realization of Rs 4,825 per square foot. During the April-September period of this fiscal year, Prestige Estates sold 10.7 million square feet of area for Rs 11,007 crore, equating to 5,935 units sold.

Legacy of Excellence

Prestige Estates Projects Ltd is part of the Prestige Group, a leading real estate developer in India with a legacy spanning over three decades. The company follows a diversified business model with a presence in residential, office, retail, hospitality, property management, and warehouses across more than 12 major locations in India.

The Prestige Group boasts an impressive record, having completed 285 projects, covering a developable area of 170 million square feet. Currently, it has 54 ongoing projects across segments, with a total developable area of 75 million square feet. Looking ahead, the group is gearing up for 48 projects, spanning an astounding 99 million square feet. As of June 2023, the group holds a vast land bank extending over 710 acres.

In conclusion, Prestige Estates Projects is poised for an exciting journey of growth and expansion. With a history of excellence and innovation, this real estate giant is well on its way to reaching new heights in the Indian real estate sector. As the demand for residential properties continues to surge, the future looks incredibly promising for both Prestige Estates and its valued customers.