Prestige Estates clocks record sales bookings of ₹12,930 crore in FY23, up 25% annually
Apr 19, 2023, 16:30 IST
Realty firm Prestige Estates on Wednesday said its sales bookings rose by 25 per cent to a record ₹12,930.9 crore in the last fiscal year on strong housing demand. In a regulatory filing, the Bengaluru-based firm said, "During the fiscal year FY23, the group registered record-breaking highest sales of ₹12,930.9 crore (up by 25 per cent year-on-year) and highest ever collections of ₹9,805.5 crore (up by 31 per cent y-o-y)."
Sales bookings stood at 15.09 million square feet with an average realization of ₹8,812 per sq ft (up by 17 per cent year-on-year) for apartments/ villas/ commercial sales and an average realization of ₹4,124 per square feet (down 2 per cent y-o-y) for plot sales.
The group sold more than 9,600 homes in FY23 spanning over 15 million square feet area.
During the last fiscal, the new launches totalled 26.38 million square feet up by 57 per cent annually. The total completions during the last fiscal year stood at 15.68 million square feet, up by 10 per cent year-on-year.
During the fourth quarter of the last fiscal, Prestige Estates registered sales of ₹3,888.8 crore, up 19 per cent year-on-year and the highest-ever quarterly collections of ₹2,763.3 crore, up by 12 per cent year-on-year.
It sold 4 million square feet area with an average realization of ₹9,761 per square foot (up by 26% yoy) for apartments/villas/commercial sales and average realization of ₹4,508 per square foot (up by 44 per cent yoy) for plot sales.
Irfan Razack, Chairman and Managing Director, Prestige Group said, "The company has achieved significant growth in the past year- with sales, collections, launches, and completions far surpassing the previous year's level."
The success in the past year has been driven by its commitment to delivering high-quality projects and exceptional service to clients, he added.
"We have been dedicated to expanding our property portfolio while maintaining a healthy balance of launches and completions. We are well-positioned to continue our upward trajectory, and we have set ambitious objectives for the next three years.
"Our aim is to double our sales during this time, and we are confident that we have the right team and strategy in place to achieve this goal," Razack said.
Mumbai contributed about ₹2,700 crore to the total sales in the last fiscal, he added.
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Sales bookings stood at 15.09 million square feet with an average realization of ₹8,812 per sq ft (up by 17 per cent year-on-year) for apartments/ villas/ commercial sales and an average realization of ₹4,124 per square feet (down 2 per cent y-o-y) for plot sales.
The group sold more than 9,600 homes in FY23 spanning over 15 million square feet area.
During the last fiscal, the new launches totalled 26.38 million square feet up by 57 per cent annually. The total completions during the last fiscal year stood at 15.68 million square feet, up by 10 per cent year-on-year.
During the fourth quarter of the last fiscal, Prestige Estates registered sales of ₹3,888.8 crore, up 19 per cent year-on-year and the highest-ever quarterly collections of ₹2,763.3 crore, up by 12 per cent year-on-year.
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Irfan Razack, Chairman and Managing Director, Prestige Group said, "The company has achieved significant growth in the past year- with sales, collections, launches, and completions far surpassing the previous year's level."
The success in the past year has been driven by its commitment to delivering high-quality projects and exceptional service to clients, he added.
"We have been dedicated to expanding our property portfolio while maintaining a healthy balance of launches and completions. We are well-positioned to continue our upward trajectory, and we have set ambitious objectives for the next three years.
"Our aim is to double our sales during this time, and we are confident that we have the right team and strategy in place to achieve this goal," Razack said.
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Venkat K Narayana, Chief Executive Officer, Prestige Group said, "We achieved a record-breaking highest sale of ₹12,930 crore, which is a remarkable increase of 25 per cent compared to the previous year's (high base) sales of ₹10,382 crore." Mumbai contributed about ₹2,700 crore to the total sales in the last fiscal, he added.
SEE ALSO:
Indian equity markets fall for third consecutive day on selling in IT, banking stocks
All about MOS Utility whose shares are up 30 percent from issue price a day after debut