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On his outlook for the company's business, Irfan Razack, chairman and managing director, Prestige Estates Projects, says there is no slowdown in the Bangalore market and aims to concentrate on the phase 2 and 3 of its Lakeside Habitat project newt quarter.
The company sold 904 units (area of 1.55 million square feet) worth Rs 940.2 crore in the quarter gone by, a growth of 24.69 percent compared to a year ago period.
Despite a general slowdown across real estate market, Prestige Estates has seen a strong second quarter and overall a successful first half.
Speaking to CNBC-TV18, Irfan Razack, chairman and managing director, Prestige Estates Projects says the Q2 sales amounted to approximately Rs 1150 crore which includes both residential and commercial properties.
In an interview to CNBC-TV18, Irfan Razack, CMD of Prestige Estates speaks about the real estate space and the company‘s future plans.
Irfan Razack, Chairman & Managing Director, Prestige Estates Projects told CNBC-TV18 that on August 15 it will launch another big project in North Bangalore called Prestige Royal Gardens which has got 1696 units and is hopeful to perform well.
"The Prestige Royal Gardens will start at 4,000 plus. We have single bedroom apartments also in this project, so ticket price will be fairly decent. You can even start with a ticket price of around Rs 27 lakh," says chairman Irfan Razack.
Jaideep Wahi of Cushman & Wakefield says, with the emergence of new malls in the central location of Mumbai, existing retailers are either downsizing their stores or in some cases exiting the location.
After posting double standalone net profit, Prestige Estates Projects plans to launch a couple of new projects, says Irfan Razack, CMD of the company. He feels the realisations of the company that have crossed Rs 6,000 a square feet will be sustainable for FY14 as well.
Irfan Razack, CMD, Prestige Estates says that business in Bangalore and Chennai is very strong with excess supply getting consumed effortlessly. He expects the momentum in Q4 to be as strong as in Q3 and does not see significant improvement in profits, going forward.
In an interview to CNBC-TV18, Irfan Razack, chairman and managing director of Prestige Estates said the appetite for IPP was good both from the domestic fund and foreign institutional investors (FIIs). The subscription was almost 2.75 times, he added.
Venkat Narayana, CFO, Prestige Estates, says that in this quarter the company has exceeded the sales target like earlier quarter.
In an interview to CNBC-TV18 Irfan Razack, CFO, Prestige Estates Projects Limited spoke about the financial performance of the company and the road ahead.
In an interview to CNBC-TV18, Irfan Razack, chairman and managing director of Prestige Estates Projects says, he expects sales of Rs 2,000 crore in FY13.
Prestige Estates Projects has declared its third quarter results. In an interview to CNBC-TV18, Venkat K . Narayana, chief financial officer of Prestige Estates Projects says, this year the company’s rental income should be around Rs 180-185 crore. “By 2014-2015, our overall rental portfolio will be around Rs 500 crore,” he adds.
Irfan Razack, chairman and managing director of Prestige Estates Projects Ltd tells CNBC-TV18 that increasing construction costs push up the price of real estate in Banglaore.
Prestige Estates Projects' total revenue was down 48.4% at Rs 128.1 crore versus Rs 248.4 crore. Irfan Razack, CMD of the company indicated that two more projects might come in for revenue recognition in Q3.
Irfan Razack, chairman and managing director of the company, in an interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy said, the company is trying to reduce debt and it hopes to maintain this year's revenue in-line with the previous year.
In an interview with CNBC-TV18, Irfan Razack, CMD, Prestige Estates Projects says,margins are on a upward trend and are seen above 30% in FY12.
Venkata Narayana, chief financial officer, Prestige Estates, in an exclusive interview with CNBC-TV18’s Udayan Mukherjee and Mitali Mukherjee, gave his perspective on the company's earnings and plans for the road ahead.
There have been numerous talks on the demand-supply imbalance in the real estate sector, but R Vasudevan MD of Vascon Engineers denied saying, "We don't see that scenario hitting us at least; we have been busy with executing the orders for which bookings have been done."
