Prestige Group targeting sales of Rs 20,000 cr this fiscal: Irfan Razack, MD

The company’s pipeline for the next quarter comprises projects in Hyderabad, Mumbai, and Chennai. We have three launches planned," said Irfan Razack, Chairman and Managing Director of Prestige Group.

Realty firm Prestige Group is targeting sales of Rs 20,000 crore this fiscal year on the back of strong demand for residential properties, said Irfan Razack, Chairman and Managing Director of the company  on the sidelines of the 21st CREDAI Natcon (The Confederation of Real Estate Developers Association of India's National Convention) being held at Sharm El-Sheikh, in Egypt.

In a regulatory filing on October 6, the company had reported more than a two-fold jump in property bookings year-on-year (YoY), worth Rs 7,092.6 crore. "What makes our achievement noteworthy is that in the first six months of FY23-24 we have achieved sales of Rs 11,007 crore, which is close to the sales of the entire 12 months of FY22-23, of Rs 12,931 crore," Razack said.

“We had a very big launch in Bengaluru, plus we saw good sales in Hyderabad and Mumbai. In fact, the maximum numbers came from our new projects in Bengaluru, Prestige Park and Prestige Senate. Of the Rs 7,092 crore, almost Rs 6,000 came from Bengaluru, Rs 500 crore from Mumbai, and Rs 500 crore from Hyderabad. It’s always the product that is the driving force, and these are large,  largely mid-income  products. We have units of different sizes, ranging from 1-4 BHK,” Razack explained.

He said the company’s pipeline for the next quarter comprises projects in Hyderabad, Mumbai, and Chennai. “Bengaluru and Mumbai will give us the numbers. We have three launches planned — Prestige City in Hyderabad, in Mumbai we have the Ocean Towers (Marine Lines) and the Forest Hills (in Mulund),” he said. In Bengaluru, the company also has a few plotted developments in the works.

Also read: Prestige Group launches its largest residential township in Bengaluru, eyes Rs 6,000 crore topline

Related stories

Vandana Ramnani

Associate Editor, Real Estate|Moneycontrol News

• 
  Amitabh Bachchan gifts Juhu home, Prateeksha, to daughter
• 
  All about China’s real estate crisis and India’s property market boom
• 
  India to urbanise at around 50% by 2050; Real estate growth focus to shift to Tier-2 cities: Report

“We had projected around Rs 16,000 crore this fiscal, but we have already done Rs 11,000 crore. The team is confident that once the approvals come in and launches happen, we should cross Rs 20,000 crore,” he said.