Prestige Estates Projects Limited Reports Group Sales Results for the Second Quarter and First Half Ended September 30, 2023
October 06, 2023 at 09:05 am EDT
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Prestige Estates Projects Limited reported group sales results for the second quarter and first half ended September 30, 2023. For the quarter, the group registered sales of INR 70,926 million, up by 102% year-over-year. Quarterly collections was INR 26,398 million, up by 1% year-over-year. The sales during this period is attributed to 6.84 million sft, up by 50% year-over-year. Volume with an average realization of INR 10,369 per sft, up by 29% year-over-year for Apartments /Villas and average realization of INR 6,753 per sft, up by 62% year-over-year for Plot Sales. The Group sold 3,659 units.
For the first half, the group registered sales of INR 1,10,073 million, up by 69% year-over-year. Collections was INR 53,806 million, up by 13% year-over-year. The sales during this period is attributed to 10.7 million sft, up by 30% year-over-year. Volume with an average realization of INR 10,338 per sft, up by 25% year-over-year for Apartments /Villas and average realization of INR 4,825 per sft, up by 17% year-over-year for Plot Sales. The Group sold 5,935 units.
Prestige Estates Projects Limited is an India-based real estate developer. The Company is engaged in developing real estate projects across the residential, office, retail and hospitality segments. The Company has delivered approximately 250+ real estate projects spanning 151 mn square feet. It delivers projects in 12 locations across the country. Its residential product line comprises townships, apartments, mansions, luxury villas, row houses, plotted development, golf projects and affordable housing. It develops modern and smart offices across various Indian metro cities. It builds and operates hotels by collaborating with various hospitality brands, such as JW Marriott, Sheraton Grand and Conrad by Hilton. The Company has 11 projects, including Prestige Kingfisher Towers, prestige-leela-residences, prestige-golfshire, Prestige Tech Park, Prestige Shantiniketan, Prestige Liberty Towers, Sheraton Grand, Conrad Bengaluru, JW Marriot, UB City and Forum South Bangalore.