Prestige Group sets record with FY24 sales topping ₹21,040 crore

The Bengaluru-based firm on Monday said that sales in FY24 marked a 63% increase year-on-year, rising from ₹12,931 crore in FY23.

Surpassing ₹20,000 crore in sales marks a new benchmark not only for Prestige Group but also for the real estate industry.

In FY23, Prestige Group, along with three other real estate firms—DLF Ltd based in Gurugram, Mumbai’s Godrej Properties Ltd (GPL), and Macrotech Developers Ltd—had each reported sales bookings exceeding ₹12,000 crore, a first in the industry.

Irfan Razack, chairman and managing director, Prestige Group, said, “We are happy to announce our strong achievements in FY24 – our record-breaking sales of ₹21,040 crore, coupled with the highest ever annual collections of ₹11,954 crore, area sold – among other parameters, reflect the trust of our customers and dedication of our team.”

Significant acquisitions and successful partnerships have not only contributed to the company’s financial success but also strengthened its position as a leading real estate developer, Razack added.

Prestige Group also reported its highest-ever annual area sold in FY24, reaching 20.25 million square feet, a 34% increase year-on-year. This surge was driven by several new project launches, with the total development area expanding by 52% from FY23 to 40.19 million.

“…We anticipate greater momentum ahead, with key markets like NCR (national capital region) 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,” said group chief executive Venkat K Narayana.

For FY25, Prestige has a robust line-up of project launches in cities like Mumbai, Bengaluru, Chennai, and the NCR, aiming to cover nearly 30 million square feet with a combined gross development value worth ₹28,000 crore.

Competitors such as Godrej Properties and DLF are also expected to report high sales for FY24. Macrotech Developers, known for its ‘Lodha’ brand, announced a record ₹14,520 crore in pre-sales for FY24.

Anuj Puri, chairman and founder of property advisory Anarock Group, said housing demand continues to remain very strong, primarily driven by end-users. 

He pointed out that large, well-branded developers like Prestige Group have become the main beneficiaries of the sector’s consolidation. This shift is due to homebuyers becoming more selective, favouring Category A developers.

Last week, Prestige announced signing a deal with Abu Dhabi Investment Authority (ADIA) and Kotak AIF to raise ₹2,001 crore to build four residential projects worth ₹18,000 crore. The funds will be used to develop projects in Delhi, Mumbai, Bengaluru, and Goa.

Post-pandemic, there has been a noticeable increase in land acquisitions, driven primarily by a surge in the residential sector.

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Published: 08 Apr 2024, 04:01 PM IST