Realty firm Prestige Estates Projects Ltd's sales bookings rose 66 per cent year-on-year to Rs 3,511 crore in the second quarter of this fiscal on higher demand despite a rise in home loan interest rates.
Prestige Group has registered sales of Rs 3,511 crore in the July-September period against Rs 2,111.9 crore in the year-ago period
Realty firm Prestige Estates Projects Ltd's sales bookings rose 66 per cent year-on-year to Rs 3,511 crore in the second quarter of this fiscal on higher demand despite a rise in home loan interest rates.
Prestige Group has registered sales of Rs 3,511 crore in the July-September period against Rs 2,111.9 crore in the year-ago period. The collection from customers increased 68 per cent year-on-year to Rs 2,602.9 crore, the company said in its operational update for the Q2 and H1 of this fiscal filed on stock exchanges.
"The sales during this period are attributed to 4.55 million square feet volume with an average realisation of Rs 7,711 per square feet," the company said.
During the April-September period of this fiscal, Prestige Group's sales bookings more than doubled to Rs 6,523.1 crore from Rs 2,845.9 crore in the corresponding period of the previous year.
The sales during this period are attributed to 8.18 million square feet volume with an average realisation of Rs 7,976 per square feet.
During the first half of 2022-23 fiscal, the new launches totalled 17.06 million square feet and completions stood at 3.35 million square feet.
Irfan Razack, Chairman and Managing Director of Prestige Group said, "The year has started really well and we have achieved numbers as per our plans. We have great momentum going and spirits are high within the team to achieve our next level of growth".
"We are excited to see new launches from various geographies, which will be contributing to sales in the quarters to come," he added.
Venkat K Narayana, Chief Executive Officer of Prestige Group, said the company is well on its way to surpassing last year's performance.
"We sold 3,210 units during the second quarter, translating to 36 Prestige homes/units sold on an average every day. The distribution of sales between mid-income and premium segment is equal to 93 per cent and 7 per cent, respectively."
Prestige Group, one of the leading real estate developers in the country, has a diversified business model across various segments -- residential, office, retail, hospitality, property management and warehouses, with operations in more than 12 major locations in India.
It has completed 271 projects spanning a developable area of 151 million square feet and 48 ongoing projects across segments, with a total developable area of 75 million square feet.
Further, it is planning 51 projects spanning 84 million square feet and holds a land bank of over 375 acres as of June 2022.