Prestige Estates Reports 23% Drop in Q1 Sales Bookings Amid Delays

Prestige Estates Projects Ltd reported a 23% decline in first-quarter sale bookings for the fiscal year 2024-25, totaling Rs 3,029.5 crore. The decline is due to delays in new project launches. Despite this, the company has maintained a strong market presence and expects better performance in upcoming quarters.

Realty firm Prestige Estates Projects Ltd has seen a 23 percent decline in its sale bookings, amounting to Rs 3,029.5 crore in the first quarter of the current fiscal year, due to lower volumes linked to delays in new project launches.

Sale bookings for the same period last year were significantly higher at Rs 3,914.7 crore. According to a regulatory filing, Prestige Estates sold 2.86 million square feet from April to June 2024, a drop from 3.83 million square feet in the previous year.

Despite these setbacks, the company achieved an average realisation of Rs 11,934 per square foot for residential and commercial properties, marking a 16 percent year-on-year increase. Irfan Razack, Chairman and Managing Director, highlighted the healthy sales mix from top markets Bengaluru, Hyderabad, and Mumbai, and expressed confidence in upcoming project launches to bolster market position.