 "Despite the recent run-up, Indian real-estate sector still stacks favorably when compared against China, US and some of the key South Asian peers.")
Realty firm Prestige Estates on Wednesday reported a 90 per cent increase in sales bookings to an all-time high of Rs 10,382.2 crore during the last financial year on better demand for its properties.
Its sales booking stood at Rs 5,460.8 crore in the 2020-21 financial year.
The sales bookings of Bengaluru-based Prestige Estates came in higher than Macrotech Developers, which markets its properties under the Lodha brand. Macrotech reported 51 per cent growth in its sales booking to a record Rs 9,024 crore during the last fiscal.
Prestige Estates can emerge as the largest real estate developer in terms of sales bookings in the 2021-22 financial year. Godrej Properties and DLF are also likely to report robust sales bookings for the last fiscal, going by their numbers for the first three quarters of FY'22.
In a regulatory filing, Prestige Estates gave an update on real estate operations for the year ended March 31, 2022.
It has also clocked its highest-ever collections of Rs 7,466.4 crore during the last financial year, up 47 per cent from the previous year.
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Commenting on FY'22 performance, Irfan Razack, chairman, Prestige Group, said: "We take immense pride in highlighting that Prestige Group has crossed Rs 10,000 crore presales benchmark, presales during FY22 stood at Rs 10,382 crore. We continue to witness steadfast momentum for our offerings with more and more consumers aspiring to be a part of the Prestige family."
The record sales booking was backed by robust response to its 16.77 million square feet of newly-launched projects and for under construction and completed inventory, Razack added.
Venkat K Narayana, chief executive officer, Prestige Group, said the new sales have come from 15.07 million sq ft of sales volume with average selling price of Rs 6,890 per square feet.
"Our collections were also all time high at Rs 7,466 crore. We ended the year with the completion of 14.26 million square feet across geographies.
"As we kick off FY'23, our business plan will be anchored by a principal focus on revenue expansion by capitalizing on our brand premium, execution track record and market consolidation theme," he said.
Narayan further said the company has lined up a plethora of launches of over 15 million square feet across Bengaluru, Mumbai, NCR, Hyderabad and Chennai, which should help the company set a new benchmark during FY23.
During the last fiscal, the group launched 16.77 million square feet across geographies. In FY'23, it envisages to launch over 15 million square feet.
On the execution front, the group completed 14.26 million square feet in FY'22.
Apart from Prestige and Macrotech, Sobha Ltd's sales bookings rose by 23 per cent to an all-time high of Rs 3,870 crore in FY'22. Sunteck Realty's sales bookings jumped 27 per cent to Rs 1,303 crore in the last fiscal.
Prestige Group is one of the leading real estate developers in the country, with a track record of over three decades in real estate development. It has a diversified business model across residential, office, retail and hospitality segments with operations in 12 key locations in India.
The group has completed 265 projects with developable area of 149 million square feet and has 42 ongoing projects across segments, with total developable area of 63 million square feet. Further, it has 74 million square feet under planning and holds a land bank with potential developable area of over 27 million square feet.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
