Prestige Estates Projects posted a good set of earnings in Q1 as revenues see a healthy jump. In an interview to CNBC-TV18, Irfan Razack, CMD of Prestige Estates spoke about the results and his outlook for the company.
We continue to clock sales operationally and I believe that going forward also we should be able to maintain this, he said.
According to him, real estate sector does have the highs and lows, it is cyclical. Last June there was a dip so this June is looking good.
The team has worked hard, the company has performed well and delivery to the customer is important, we have focused on that and that will be the focus of the company in future also, he added.
Will maintain the guidance of Rs 3,500 crore revenue in FY18. We are more or less on track to meet the completion guidance, said Razack.
Launch guidance is a challenge in the sense that we need to make sure that we get all our approvals quickly, we need to make sure that we register ourselves with the regulator and also come into the market with the right product at the right time, he further mentioned.
Prestige Estates has registered all the projects that needed to be registered under the regulator, Real Estate Regulatory Authority (RERA) and we are fully compliant, Razack said.
On lease rentals, he said it will go up to Rs 700 crore per quarter by the end of year.
Goods and services tax (GST) is a very positive move, teams are still trying to get compliant with it. We still have yet to evaluate what the benefit can come from the input credits of GST, he further added.
Watch accompany video for full interview...
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