Prestige Estates’ March Quarter New Sales Growth Robust, Collections Decline 9%

Prestige Estates Projects Ltd on Thursday reported new sales of ₹69.57 billion for the March quarter, marking a 48% on year increase, fueled by robust customer demand for new launches and premium offerings. However, sales collections for the quarter declined 9% on year to ₹31.55 billion.

The company sold 2,301 units during the quarter, with a sales volume of 4.49 million sq. ft., up 9% on year. The average realisation rate for apartments, villas, and commercial spaces rose 25% on year to ₹15,524 per sq. ft. during January–March. For plots, the average realisation rose 27% to ₹6,975 per sq. ft.

Prestige launched four projects in the March quarter with a total developable area of 14.03 million sq. ft., and a combined gross development value of ₹161.34 billion. Of these, two projects were in Bengaluru, and one each in Mumbai and Hyderabad.

For 2024–2025, new sales stood at ₹170.23 billion, down 19% on year, reflecting the impact of deferred launches due to delays in approvals. Sales volume dropped 38% on year to 12.58 million sq. ft., with a total of 5,919 units sold during the year.

Collections for 2024-2025 rose 1% on year to ₹120.84 billion. The company launched 26.28 million sq. ft. of space across Bengaluru, Mumbai, and Hyderabad, with a combined gross development value of ₹262.23 billion in the same time period. It completed 3.04 million sq. ft. of residential projects in Bengaluru with Prestige Primrose Hills Phase 1 and Prestige Waterford.

The average realisation rate for apartments, villas, and commercial spaces in 2024-2025 rose 36% on year to ₹14,113 per sq. ft., while the realisation for plots rose 50% to ₹7,167 per sq. ft. Bengaluru contributed 45% to total sales, followed by Mumbai at 30%, Hyderabad at 23%, and other markets at 2%.

Gross leasing of office space during the time period stood at 4.10 million sq. ft., with occupancy above 90%. Gross turnover from malls was ₹22.64 billion, with 18 million footfalls recorded across the retail portfolio. Retail occupancy remained high at 99%.

Sales in the March quarter were strong, with a rise in realisation rates, despite project approval delays pushing some launches to the next financial year, said Chairman and Managing Director Irfan Razack. He added that the company will launch marquee projects in the Delhi National Capital Region and Mumbai, and expects to complete its first residential projects in Mumbai in 2025-2026.