Bengaluru-based real estate developer Prestige Group has registered sales of Rs 3,914.7 crore, up 30 percent annually, in the quarter ended June 30, the company said in a regulatory filing.
The collections from the sales stood at Rs 2,740.8 crore, up by 28 percent year on year (YoY).
The sales during this period touched 3.83 million square feet (msf) of development with an average realisation of Rs 10,244 per square foot for apartments, villas and commercial. The average realisation for plots stood at Rs 5,007 per sq ft.
The company sold 2,276 units in Q1 FY24 and launched one new project of 3.12 msf. The total completions during the quarter stood at 5.90 msf.
"We completed and inaugurated 102 keys hospitality project Mulberry Shades Nandi Hills Tribute Portfolio right in the foothills of Nandi Hills, Bengaluru in Q1 and will be opening our retail mall Forum Thomsun in Kochi with a total development area of 1.02 msf in the coming quarter," Irfan Razack, Chairman and Managing Director, Prestige Group said.
Upcoming launches
The company is looking at major upcoming launches in Bengaluru, Hyderabad, Chennai and Mumbai, which include Prestige Park Grove of about 9.23 msf and Prestige Serenity Shores of 1.5 msf in Bengaluru.
In Hyderabad, the group plans to launch Prestige City Hyderabad at about 12.65 msf and Prestige Pallava Gardens at 4.56 msf in Chennai.
For western India, the company will be launching Prestige Ocean Towers sprawling 1.68 msf and Prestige Nautilus of 0.9 msf in Mumbai.
"We are happy to report strong operational numbers in the first quarter, with sales close to Rs 4,000 crore and collections close to Rs 2,800 crore. Also, Mumbai region continues its strong contribution clocking around Rs 600 crore of sales this quarter," Venkat K Narayana, Chief Executive Officer, Prestige Group, added.
The Group said its recently launched Prestige Lavender Fields in Bengaluru contributed over Rs 2,000 crore of sales.
Prestige Group plans to commence construction of 18 msf of office space, with an annual rental income potential of Rs 800 crore- 1,200 crore, in the city within March 2024.
The Group is also looking at a foray into the Real Estate Investment Trust market. An announcement is expected within 3-4 years, the company previously told Moneycontrol.
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