Prestige Estates is one of the leading real estate developers in India. The performance for 9M and the quarter ending December 31, 2022, has been made public. The group's sales were Rs. 90,421 million for 9M of FY23. These are up 27% from the previous year. It reported receipts of Rs. 70,422 million. These are up 41% from the previous year.
There was a sales volume of 11.09 million square feet in apartment, villa, and commercial sales during this time period. There was an average realization of Rs. 8553 per square foot. The average realization for plot sales is Rs. 4134 per square foot.
The business reported sales of Rs. 25,190 million during Q3 FY23. It is an increase of Rs. 42,677 million over the same period last year. Rs. 22,929 million had been collected. It is an increase of Rs. 24,316 million from the previous year.
A volume of 2.91 million square feet makes up the sales. The average realization for apartments, villas, and commercial sales is Rs. 9371 per square foot. For plots sales, the average real estate realization is Rs. 4148 per square foot.
In the third quarter of FY23, seven projects were begun. These total 4.06 million square feet. These include the Prestige 13° North and the Prestige Sanctuary, both in Bengaluru. The Prestige Daffodils and Siesta are both in Mumbai. The Prestige Ocean Pearl is in Calicut.
There were six projects completed. These totaled 11.04 million square feet. These are Prestige Willow Tree, Prestige Tech Park IV, Prestige Jindal City, and Prestige Tech Park - Adobe in Bengaluru. Prestige Hillside Gateway and Prestige Cyber Green in Kochi were completed. The launches in 9M of FY23 totaled 21.12 million square feet, and 14.40 million square feet were finished.
The chairman and managing director of the Prestige Group, Mr. Irfan Razack, expressed happiness at the results. They were accomplished in the first nine months and third quarter of FY23. More than 7000 families have bought Prestige houses so far in this fiscal year, which is encouraging. They continue to have faith in the group
The group's sales numbers are on track. Execution, delivery on time, and customer happiness are the goals of the company. Over 11 million square feet of projects have been developed by the group this quarter. Projects of more than 70 million square feet are now being built.
The company's Q3 collections have been stable. Over Rs. 70 billion has been collected for 9M. For the quarter ahead, the group has planned launches in Bengaluru, Hyderabad, and Chennai. These will increase the pace of sales and collection. With this, the company will exceed its annual guidance by the end of the year.
According to the CEO, Mr. Venkat Narayan, the quarter saw the launch of many projects. These are in all asset classes. The group is now in Calicut. One of the largest housing complexes is being built by it. It is building a villa project in Bengaluru across Prestige Golfshire. There is a mixed-use development next to the airport.
It has also begun construction on a posh property in South Mumbai. The management is heartened by Mumbai's consistent performance for the third quarter in a row. Sales have touched Rs. 5 billion in the third quarter and nearly Rs. 17 billion in the 9M of FY23.
Prestige Group new prelaunch apartment Prestige Park Grove.