Prestige Estates Projects Ltd., one of India’s leading real estate developers, has announced plans to launch several residential projects worth ₹52,000 crore by March 2025, aiming to tap into the growing demand for housing.
As published by Hindustan Times, the company, in its latest investor presentation, revealed that it will roll out multiple projects spanning over 53 million square feet across key cities, including Bengaluru, Hyderabad, Chennai, Goa, and Delhi-NCR. The total sales booking value for these projects is estimated at ₹52,114 crore.
Irfan Razack, chairman and managing director of Prestige Estates, expressed confidence in meeting the company’s fiscal year sales bookings guidance of ₹24,000 crore. He acknowledged the dip in sales bookings during the first half of the fiscal year but remains optimistic about achieving and possibly exceeding the target.
“So, I think the market is good. The demand continues to be there as long as we have the product and the location, which is the mid-income segment. I believe there is enough demand that will keep coming,” Razack said during an analyst call.
He added that the company is working diligently to secure regulatory approvals, including RERA numbers, for the projects scheduled for launch in the current and upcoming quarters.
Prestige Estates achieved a record sales booking of ₹21,040 crore during the 2023-24 fiscal year. However, sales in the April-September period of the current fiscal year declined to ₹7,052.2 crore from ₹11,007.3 crore in the same period last year.
The company recorded ₹4,022.6 crore in sales during the September quarter, compared to ₹7,092.6 crore in the corresponding quarter of the previous year.
Despite the short-term decline, Razack highlighted the company’s strong pipeline of launches as a key growth driver. Executive Director Zayd Noaman reported that projects launched in the first half of the fiscal year had a gross development value of ₹10,000 crore, with ₹8,600 crore contributed by second-quarter launches.
Chief Financial Officer Amit Mor confirmed that ₹25,000 crore worth of projects are scheduled for launch in the current quarter, with the remaining to follow in the fourth quarter of FY25.
Prestige Group operates across residential, office, retail, hospitality, property management, and warehouse segments, with a presence in over 13 major locations. As of September 2024, the company has completed 302 projects, covering a developable area of 193 million square feet.
This ambitious expansion underscores the company’s commitment to addressing the increasing demand for residential properties across India’s key markets.