Prestige Estates crosses 10,000 Cr presales benchmark, Registers Record Sales of Rs. 10,382 Crs in FY22

Prestige Estates, has announced its updates on real estate operations for the year ending 31st March 2022. During FY22, The Group has registered highest ever sales of INR 103,822 mn, up 90% YoY and has clocked highest ever collections of INR 74,664 mn, up 47% YoY.

During the year the Group has launched 16.77 mnsft across geographies - The Prestige City - Great Acres, Aspen Greens, Avalon Park, Eden Park, Meridian Park, Prestige Marigold, Prestige Tech Hub and Prestige Green Gables in Bengaluru. In Mumbai we pre-launched Prestige Jasdan Classic. Prestige Beverely Hills in Hyderabad and at Kochi we launched Prestige Eden Garden. In FY23 the Group envisages to launch over 15 mn. Sft- The Prestige City at Mulund, Prestige Ocean Towers at Marine Lines, Prestige Daffodils at Pali Hill, in Mumbai, Phase 2 of The Prestige City in Bengaluru, Prestige Bogainvillea Gardens in NCR and Prestige Highline in Chennai, among others.

On the execution front, the Group has completed 14.26 mnsft in FY22- Prestige MSR Heights, Prestige Dolce Vita, Prestige Fontaine Bleau, Prestige Northpoint, Prestige Vista Towers, Prestige Botanique, Prestige Park Square, Prestige Lake Ridge, JW Marriott Bengaluru Prestige Golfshire Resort & Spa, Forum Rex Walk, in Bengaluru, Prestige Nirvana and Prestige Highfields in Hyderabad, and Prestige Courtyards and Prestige Cosmopolitan in Chennai.

Commenting on FY22 performance, Mr. Irfan Razack, Chairman, Prestige Group " We take immense pride in highlighting that Prestige Group has crossed INR 10,000 Cr presales benchmark, presales during FY22 stood at INR 10,382 Cr. We continue to witness steadfast momentum for our offerings with more and more consumers aspiring to be a part of the Prestige family. This record sales is backed by robust response to our 16.77 mnsft newly launched projects and for under construction and completed inventory. Thanks to the relentless dedication of our employees across the cities and support from all our stakeholders. On the hospitality front, we also marked the momentous launch of the JW Marriott Bengaluru Prestige Golfshire property at Nandi Hills. We look forward to further expand our footprint in high growth opportunity markets."

Commenting on this, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group "We are pleased with INR 10,000 Cr presales milestone in FY22. New sales have come from 15.07 mn sft of sales volume with average selling price of INR 6890/- per sft and our collections were also all time high at INR 7,466 Cr. We ended the year with the completion of 14.26 mnsft across geographies. As we kick off FY2023, our business plan will be anchored by a principal focus on revenue expansion by capitalizing on our brand premium, execution track record and market consolidation theme. At Prestige we have lined up plethora of launches over 15 mnsft across Bengaluru, Mumbai, NCR, Hyderabad and Chennai which should help us set a new benchmark during FY23."

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 490.75 as compared to the previous close of Rs. 501.15. The total number of shares traded during the day was 47708 in over 1725 trades.

The stock hit an intraday high of Rs. 509.00 and intraday low of 478.70. The net turnover during the day was Rs. 23320485.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 BusinessUpdate RealEstate Operations Q4FY22 FY2022