Prestige Estates expects Rs 550 cr from new housing project in Bengaluru

Realty firm Prestige Estates Projects Ltd expects Rs 550 crore revenue from its new residential project in Bengaluru.

The company has launched a new housing project, 'Prestige Glenbrook' in the heart of Whitefield, Bengaluru's IT hub.

"The development comprises 285 apartments across two high-rise towers with a developable area of 0.7 million square feet and has a revenue potential of Rs 550 crore," Prestige said in a regulatory filing on Thursday.

Prestige Estates expects its sale bookings to rise 55 per cent this fiscal to touch an all-time high of Rs 20,000 crore on strong demand for residential properties.

Its sale bookings stood at Rs 12,931 crore in 202223.

"We have done pre-sales of around Rs 11,000 crore in the first two quarters. We had guided around Rs 16,000 crore (for the entire 2023-24). But having done Rs 11,000 crore of sales in the first six months, the team is very confident. Once all the approvals come and launches happen, we should cross Rs 20,000 crore," Prestige Estates Chairman and Managing Director Irfan Razack said last month.

Prestige Group, one of the leading real estate developers in the country, has diversified its business model across various segments -- residential, office, retail, hospitality, property management and warehouses.

It has operations in more than 12 major locations in India.

Prestige Group has completed 285 projects spanning a developable area of 170 million square feet and has 54 ongoing projects across segments, with a total developable area of 75 million square feet.

Further, it is planning 48 projects spanning 99 million square feet. The group holds a land bank of more than 700 acres.