Real estate firm Prestige Estates Projects Ltd. is set to launch housing projects worth Rs 30,000 crore this quarter across major Indian cities, aiming to capitalize on strong consumer demand, as published by Business Standard.
During a discussion with market analysts, Prestige Estates Executive Director Zayd Noaman confirmed the company’s plans, stating that most of the projects are already registered under the Real Estate Regulatory Authority (RERA) and are expected to launch in the coming weeks.
“We are making this statement with utmost confidence as most of these projects have been logged in for RERA and should be launched soon,” Noaman said. The upcoming projects will primarily be located in Bengaluru, Delhi-NCR, Chennai, and Mumbai.
When asked whether the company could achieve its sales target of Rs 24,000 crore for the fiscal year, Prestige Group Chairman and Managing Director Irfan Razack said it would depend on securing regulatory approvals.
Prestige Estates recorded a 38% decline in sales bookings to Rs 10,065.7 crore during the April-December period of this fiscal year. The slowdown was attributed to delays in launching housing projects due to regulatory approvals.
“The inventory is available, and achieving the target is possible. Whenever we launch a project, we typically sell 30-40% of the inventory,” Razack said. “With Rs 30,000 crore worth of inventory set to enter the market, selling 40% would generate Rs 12,000 crore, in addition to our existing inventory. The key factor now is how soon we obtain the necessary RERA approvals.”
Prestige Estates remains one of India’s leading real estate developers. According to its latest investor presentation, the company sold 8.09 million square feet at an average realization of Rs 13,128 per square foot during the first nine months of the 2024-25 fiscal year. A total of 3,618 units were sold, generating Rs 10,065.7 crore in sales, with customer collections totaling Rs 8,910.9 crore.
Despite a drop in total sales bookings in the first nine months of FY25, the company remains confident of achieving Rs 24,000 crore in pre-sales.
In FY24, Prestige Estates reported a record 63% year-on-year increase in sales bookings, reaching Rs 21,040 crore compared to Rs 12,931 crore in the previous fiscal year.
Razack expressed optimism about the upcoming launches, stating that several large projects are nearing final approvals and should enter the market soon.
“These high-velocity projects, located in prime geographies, should drive significant sales volumes and help us regain momentum,” Razack said.
Last month, Prestige Estates reported an 85% drop in consolidated profit to Rs 17.7 crore for the December quarter, down from Rs 116.3 crore in the same period the previous year. Total income also declined, falling to Rs 1,697.9 crore from Rs 1,970.5 crore.
Prestige Group operates across multiple real estate segments, including residential, commercial, retail, hospitality, property management, and warehousing. The company has a presence in over 13 major Indian cities and has completed 302 projects spanning a developable area of 193 million square feet.
Currently, the company has 59 projects under development, covering 101 million square feet, and 65 projects in the planning stage across 96 million square feet.
Prestige Estates acknowledges the challenges posed by regulatory delays but remains confident in its ability to meet targets. The company’s ability to sell 30-40% of inventory upon launch is a significant factor in its pre-sales strategy.
Razack reiterated the company’s commitment to timely project execution and emphasized that once RERA approvals are secured, the new launches should drive momentum and contribute to achieving sales goals.
With a robust pipeline and strategic expansions in key metro cities, Prestige Estates is positioning itself for strong growth in the coming quarters.