New Delhi: Realty firm Prestige Group reports over two-fold jump in sales bookings to Rs 7,092 crore

The Indian realty sector witnessed a significant surge in the second quarter of the fiscal year, with Prestige Group, a leading real estate firm, reporting over two-fold increase in sales bookings. According to a regulatory filing by the company on October 6th, their sales bookings for this period amounted to Rs 7,092 crore. This marks an impressive rise of 102% year-on-year (yoy). The strong financial performance has been attributed to robust demand for residential properties across various regions.

Steady Increase in Collections and Sales Volumes

In addition to its soaring sales bookings, Prestige Group also reported a modest increase in collections from customers. These rose by 1% yoy to reach Rs 2,639.8 crore during the second quarter of this fiscal year. In terms of volume too, there was positive news with sales bookings rising by half - up by 50% yoy - totaling at approximately 6.84 million square feet.

Achievements Surpassing Previous Records

Irfan Razack, Chairman and Managing Director of Prestige Group expressed satisfaction over these results stating that they are particularly noteworthy given that within just six months into FY24 they have achieved sales amounting to Rs 11,007 crore; almost matching the total annual sales figure for FY23 which stood at Rs 12,931 crore.

Rising Rates per Square Feet Realization

Another key highlight from Prestige's Q2 report is the average realization rates for both apartments/villas and plots. For apartments/villas sold during this period, it reported an average realization rate of Rs10,369 per square foot – marking a considerable growth rate of about 29% yoy. Similarly impressive were figures pertaining to plot selling rates: these reached an average realization rate of Rs 6,753 per square foot, demonstrating a significant jump of 62% yoy.

Surge in Unit Sales

The Group was also successful in selling a total of 3,659 units during the second quarter. This period saw several new launches by the company which received overwhelming responses from buyers. These contributed significantly to the total sales bookings for this quarter.

In conclusion, Prestige Group's Q2 performance has been highly promising and indicative of a strong recovery trend within the Indian real estate sector post-pandemic. The rising demand for residential properties coupled with successful new launches have played crucial roles in driving these impressive results. If these trends continue, FY24 may set new records for annual sales figures for companies like Prestige Group and others within this industry.