October 23, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Prestige Estates sales up 88%

Real EstateReal EstateCollection during the September quarter rose 35% on an annual basis to Rs 1,551 crore.

Bengaluru-based Prestige Estates on Monday reported an 88% year-on-year (y-o-y) jump in its sales, at Rs 2,112 crore, for the July-September quarter this fiscal, backed by an encouraging response from its newly-launched projects. The sales achieved during Q2 of FY22 are its highest quarterly sales so far.

Collection during the September quarter rose 35% on an annual basis to Rs 1,551 crore. Volume rose by 100% y-o-y to 3.54 million sq ft (MSF) during the same period.

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“We are delighted to announce our robust performance during Q2 FY22. Despite the challenging environment, Prestige has clocked highest quarterly sales and collections. The new sales were backed by the healthy response to our newly launched project, Prestige Great Acres and the existing inventories across geographies. Prestige Great Acres was sold out within one day of launch without any advertisement campaign,” Prestige Group chairman Irfan Razack said.

With strong Q2 FY22 sales and collections, Prestige’s H1 FY22 sales touched Rs 2,846 crore and collections are at Rs 2,574 crore, Prestige Group CEO Venkat K Narayana said.

“H2 FY22 will be an exciting period backed by favourable macro fundamentals and a robust launch pipeline. Apart from the launches in the southern market, we are launching three projects in Mumbai and one project in NCR with a combined launch pipeline to the tune of 10 million sq ft,” he added.

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