Prestige Estates recorded sales of Rs 9,042.1 crore, showing a 27% YoY increase, the real estate developer said in an announcement on February 2, 2023. Announcing the results for the nine months of the financial year 2022-23 ending on December 31, 2022, the company said collections marked a 41% YoY increase, amounting to Rs 7,042.2 crore.
The sales during this period are attributed to 11.09 million sqft volume, with an average realisation of Rs 8,553 per sqft for apartments, villas and commercial sales and average realization of Rs 4,134 per sqft for plot sales.
During Q3 FY23, the company registered sales of Rs 2,519 crore and collections of Rs 2,292.9 crore, showing YoY increase of Rs 4,267.7 crore and Rs 2,431.6 crore, respectively. Sales during this period is attributed to 2.91 million sqft volume with an average realisation of Rs 9,371 per sqft for apartments, villas, and commercial sales and average realization of Rs 4,148 per sqft for plot sales.
During Q3 FY23, Prestige Estates launched seven projects spanning 4.06 million sq ft and completed six projects totalling 11.04 million sq ft. During the first 9M of FY23 the new launches totalled 21.12 million sq ft and completions spanned 14.40 million sq ft.
Irfan Razack, chairman and managing director, Prestige Group, said, “While our sales numbers are on track, our high focus remains on execution, timely delivery and customer satisfaction. We have completed over 11 million sqft this quarter and are currently pouring concrete over 70 million sqft of development area across the country.”
“Our collections during Q3 were steady; a positive sign for our operating cash flows. We have lined up big launches in Bangalore, Hyderabad, and Chennai for the upcoming quarter, which will further our sales momentum and collections; with this we expect to conclude the year by surpassing our annual guidance,” Razack added.
Venkat K Narayana, CEO, Prestige Group, said, “This quarter saw the launch of projects across all our asset classes. We made our entry into Calicut with one of the biggest residential developments in the city, launched a villa-development and a mixed-use development close to the international airport in Bangalore. We also launched a luxury project in South Mumbai. It is encouraging to see the steady performance in Mumbai for the third consecutive quarter.”
