Prestige Estates achieves record sales bookings in FY'24 at Rs 21,040 cr

Realty firm Prestige Estates Projects Ltd on Monday reported a 63 per cent annual increase in sales bookings during the last financial year at Rs 21,040 crore -- an all time high, on strong demand for its residential properties and higher average per square feet realisation.The companys sales bookings stood at Rs 12,931 crore in the financial year 2022-23.Among listed players, Prestige Estates is likely to become the largest real estate developer in the country in terms of sales bookings.

Realty firm Prestige Estates Projects Ltd on Monday reported a 63 per cent annual increase in sales bookings during the last financial year at Rs 21,040 crore -- an all time high, on strong demand for its residential properties and higher average per square feet realisation.

The company's sales bookings stood at Rs 12,931 crore in the financial year 2022-23.

Among listed players, Prestige Estates is likely to become the largest real estate developer in the country in terms of sales bookings. DLF, Godrej Properties, Macrotech Developers, Prestige achieved sales bookings of more than Rs 10,000 crore in 2022-23.

In a regulatory filing, Bengaluru-based Prestige Estates informed that the company achieved the highest-ever annual sales.

''Prestige Group achieved a record-breaking sales milestone of Rs 21,040 crore for FY24, marking a growth of 63 per cent year-on-year,'' it said.

The company attained the highest-ever annual collections of Rs 11,954 crore for FY24, a growth of 22 per cent year-on-year (YoY).

Prestige Estates said it achieved record sales bookings in volume terms as well totalling 20.25 million square feet in 2023-24, up 34 per cent in the previous year.

''Achieved the highest-ever number of units sold, with 10,068 units sold in FY2024; achieved the highest average realization at Rs 10,410 per square feet in FY24.

''Achieved highest-ever annual launches in a year, with total project launches totalling total development area (TDA) aggregating to 40.19 million sq ft in FY 24, up by 52 per cent YoY,'' the filing said.

Prestige Estates delivered 19 projects spanning 25.55 million square feet in FY'24.

''We are happy to announce our strong achievements in FY24. Our record-breaking sales of Rs 21,040 crore, coupled with the highest ever annual collections of Rs 11,954 crore, area sold, etc - among other parameters, reflect the trust of our customers and dedication of our team,'' Prestige Group Chairman and Managing Director Irfan Razack said.

Furthermore, he said the strategic initiatives, including significant acquisitions and successful partnerships, have not only contributed to its financial success but also strengthened its position as a leading real estate developer.

Venkat K Narayana, Prestige Group CEO, said ''our operational performance has been formidable during FY'24. We anticipate greater momentum ahead, with key markets like NCR and Pune driving sales. Our focus on project completions and new launches has fuelled growth, with completion of 19 projects spanning 25 million sq ft in FY24.'' The company has a strong launch pipeline for the next fiscal across major cities, he added.

Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has diversified business model across various segments -- residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India.

The Group has completed 300 projects spanning a developable area of around 190 million square feet.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)