Realty firm Prestige Estates Projects Ltd plans to launch housing projects worth Rs 52,000 crore by March next year to encash surge in demand for residential properties.
Credit: PTI photo
New Delhi: Realty firm Prestige Estates Projects Ltd plans to launch housing projects worth Rs 52,000 crore by March next year to encash surge in demand for residential properties.
In its latest investors presentation, Prestige Estates has mentioned that the company plans to launch multiple projects in Bengaluru, Hyderabad, Chennai, Goa, and Delhi-NCR comprising more than 53 million sq ft area with a total sales bookings value of Rs 52,114 crore.
According to a transcript of conference call with analysts, Prestige Estates CMD Irfan Razack expressed confidence that the company will be able to meet its sales bookings guidance for this fiscal year at Rs 24,000 crore.
During the 2023-24 fiscal year, Prestige Estates clocked record sales booking of Rs 21,040 crore.
Prestige Estates recorded sales of Rs 4,022.6 crore in the September quarter as against Rs 7,092.6 crore in the year-ago period.
During the April-September period, the company's sales bookings fell to Rs 7,052.2 crore as against Rs 11,007.3 crore in the corresponding period last year.
Nevertheless, Razack is confident of not only meeting the target but exceeding it considering the strong pipeline of new launches.
"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. And I believe there is enough and plenty of demand that will keep coming. We, at the company, have a lot of launches in the pipeline for this quarter and the next," Razack said.
He said the company is working relentlessly to see that it gets the approvals and the RERA number for most of the projects that it wants to launch this quarter as well as in the next.
The company's Executive Director, Zayd Noaman, said the gross development value of these projects launched during the first half of this fiscal year stood at Rs 10,000 crore, of which the second quarter launches contributed to Rs 8,600 crore.
Prestige Estates Chief Financial Officer (CFO) Amit Mor said the company would launch Rs 25,000 crore worth projects in this quarter and the remaining in the fourth quarter of FY25.
Prestige Group, one of the leading real estate developers in the country, has diversified business model across various segments -- residential, office, retail, hospitality, property management and warehouses -- with operations in more than 13 major locations.
The Group has completed 302 projects spanning a developable area of 193 million sq ft as of September 2024.