Prestige Group's Q2 FY24 sales soar to Rs 7,092 crore

Prestige Group, a real estate company, has reported a substantial increase in its sales bookings for the second quarter of the current fiscal year, reaching Rs 7,092 crore. This surge in sales is primarily driven by strong demand for residential properties.

According to a regulatory filing, Prestige Group has achieved sales of Rs 7,092.6 crore, marking an year-on-year growth of 102 per cent. Customer collections have also seen a modest increase of 1 per cent, totalling Rs 2,639.8 crore.

In terms of sales volume, the company witnessed a 50 per cent year-on-year rise, equivalent to 6.84 million square feet.

Prestige Group's Chairperson and Managing Director, Irfan Razack, highlighted the significance of this growth, noting that within just the first six months of FY'24, they have achieved sales of Rs 11,007 crore. This figure is notably close to the sales achieved in the entire 12 months of FY23, which stood at Rs 12,931 crore.

The company reported an average realisation of Rs 10,369 per square foot for apartments and villas, representing a substantial 29 per cent year-on-year increase. Additionally, the average realisation for plots was Rs 6,753 per square foot, marking a 62 per cent growth.

During the second quarter of the fiscal year, Prestige Group sold 3,659 units. CEO Venkat K Narayana emphasised the quarter's significance, citing significant product launches that received overwhelming responses and contributed over Rs 5,000 crore to the quarterly sales. Mumbai in particular, achieved substantial sales in the region.