Page 2 - Prestige Estates

Prestige Estates' CEO Venkata Narayana K resigns, firm outlines roadmap

Venkata Narayana K became CEO of Prestige Estates in August 2017, following his tenure as chief financial officer and company secretary

Prestige Estates achieves record sales bookings in FY24 at Rs 21,040 cr

Realty firm Prestige Estates Projects Ltd on Monday reported a 63 per cent annual increase in sales bookings during the last financial year at Rs 21,040 crore -- an all time high, on strong demand for its residential properties and higher average per square feet realisation. The company's sales bookings stood at Rs 12,931 crore in the financial year 2022-23. Among listed players, Prestige Estates is likely to become the largest real estate developer in the country in terms of sales bookings. DLF, Godrej Properties, Macrotech Developers, Prestige achieved sales bookings of more than Rs 10,000 crore in 2022-23. In a regulatory filing, Bengaluru-based Prestige Estates informed that the company achieved the highest-ever annual sales. "Prestige Group achieved a record-breaking sales milestone of Rs 21,040 crore for FY24, marking a growth of 63 per cent year-on-year," it said. The company attained the highest-ever annual collections of Rs 11,954 crore for FY24, a growth of 22 per cent .

Nifty Realty hits fresh 16-yr high; surges 7% in 2 days on healthy outlook

Meanwhile, thus far in the calendar year 2024, the Nifty Realty index has surged 21 per cent, as compared to 2 per cent rise in the benchmark index.

Prestige Estate Projects soars over 9% on securing landmark funding

Prestige Group has inked a landmark deal with Abu Dhabi Investment Authority (ADIA) and Kotak AIF for Rs 2,001 crore investment.

Prestige Estates Projects buys 62.5 acres in Ghaziabad to build township

Realty firm Prestige Estates Projects Ltd on Thursday said it has acquired 62.5 acres at Indirapuram Extension in Delhi-NCR to develop a township that has a revenue potential of Rs 10,000 crore. The company said the acquisition cost is Rs 468 crore and includes a revenue share with the landlord. In a regulatory filing, the company said this strategic acquisition marks a significant milestone for Prestige Group as it expands its footprint in the dynamic real estate market of Delhi-NCR. The acquired land, with a saleable area of 10 million sq ft, will be developed primarily as residential, complemented by education and retail. This project will be branded under the successful 'The Prestige City' format. "The cost of acquisition amounts to Rs 468 crore, along with a revenue share," Prestige Group said. Commenting on the acquisition, Prestige Group Chairman and Managing Director Irfan Razack said, "We are excited about acquiring this prime land in NCR, presenting an excellent opportu

KRBL, Prestige Estates: Stocks exiting oversold zone; Ready for pullback?

Stocks like BSE, KRBL, Prestige Estates, Sharda Cropchem and Sumitomo Chemical are seen exiting oversold zone and can potentially rally up to 16 per cent in the ensuing pullback, suggest daily charts.

Prestige Estates Q3 results: Profit rises marginally to Rs 165 crore

Realty firm Prestige Estates Projects Ltd has reported a marginal increase in its net profit to Rs 164.7 crore for the quarter ended December. Its net profit stood at Rs 161.7 crore in the year-ago period. Total income, however, declined to Rs 1,970.5 crore in the third quarter of this fiscal year from Rs 2,347.5 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday. On the performance during the third quarter and first nine months of this fiscal, Irfan Razack, Chairman and Managing Director, Prestige Group said, "We have crossed many milestones during the current period. The record sales, collections and successful launches affirm the customers' confidence and trust in our brand and our team's dedication, hard work and commitment." Building on the momentum of delivering 12.23 million square feet during the first nine months of this fiscal, he said the company has already completed over 12 million square feet in the current ...

DLF, Prestige, Sobha: CLSA downgrades select realty stocks. Here's why

Most positive factors in terms of a pick-up in housing demand and office space absorption, CLSA said, are already priced in.

Prestige Estates Q3 sale bookings jump over 2-fold to Rs 5,326 cr

Prestige Estates on Tuesday reported more than two-fold jump in sale bookings to Rs 5,326.1 crore for the third quarter of this fiscal driven by strong demand for residential properties. In a regulatory filing, Bengaluru-based Prestige Estates Projects Ltd informed that it clocked sale bookings of Rs 5,326.1 crore during October-December FY24, up 111 per cent year-on-year. During the quarter, Prestige Estates sold 5.46 million square feet area with an average realisation of Rs 9,762 per square feet (for apartments /villas). In April-December FY24, Prestige Estates' sale bookings rose 81 per cent annually to Rs 16,333.4 crore. The company sold 16.13 million square feet area with an average realisation of Rs 10,143 per square feet (for apartments/ villas). The number of units sold in the first nine months and the third quarter of this fiscal stood at 8,402 and 2,467, respectively. Irfan Razack, Chairman and Managing Director, Prestige Group said, "The trust shown by over 8,400 fami

Realty index surges 108% from March low; DLF, Godrej Properties soar 100%

Since March 28, the market prices of DB Realty, Puravankara, and Prestige Estates Projects have zoomed over 200 per cent

This realty stock has zoomed 104% since October; m-cap nears Rs 50,000 cr

Prestige Estates Projects hit a new high at Rs 1,231.95, up 6% in Thursday's intra-day trade and has surged 46% in past one month amid expectation of healthy demand.

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," Prestig

Stocks to Watch today: RIL, Apollo Tyres, IRCTC, IndiGo, Dilip Buildcon

Stocks to watch on Wednesday, November 08, 2023: Reliance lines-up biggest-ever bond sale worth Rs 24,000 crore; Apollo Tyres, Dilip Buildcon post bumper profit in Q2, stocks likely to react today.

Prestige Estates Projects posts six-fold jump in Q2 profit to Rs 851 crore

The real estate developer's consolidated net profit rose to Rs 851 crore ($102.22 million) in the quarter ended Sept. 30

DLF, Oberoi Realty zoom up to 70% so far in 2023; will the rally last?

Charts suggest that the bias for the realty stocks is likely to remain favourable as long as they hold these key support levels.

Stock of this realty firm has zoomed 100% since April; hits record high

Thus far in the month of October, the stock price of Prestige Estates Projects has rallied 34% after the company reported strong business performance for September quarter (Q2FY24).

Prestige Group to launch luxury housing project in Delhi's KG Marg this yr

Bengaluru-based Prestige Estates Projects Ltd plans to develop a luxury housing project in central Delhi in partnership with a local realty firm and is looking for more land in Delhi-NCR to build residential properties, its CMD Irfan Razack said. Prestige Estates had forayed into the Delhi-NCR market a few years ago. It is already constructing a commercial project in Aerocity, Delhi while partnering with ACE group for a mid-income housing project in Sector 150 Noida. "The approval for Noida Sector 150 has been stuck for a long time. We are waiting for the approvals for launching a 15 acre mid-income housing project," said Razack, the Chairman and Managing Director of Prestige Group. He was speaking on the sidelines of the CREDAI-NATCON event in Egypt held on October 5-8. "We have taken one very high-end development in KG Marg, Delhi. It's a JDA (joint development agreement) with TDI. We have just done the initial term sheet. We have done initial payment to Indiabulls to clear some

Prestige Estates Projects aims 55% growth in bookings to hit Rs 20K cr mark

Prestige Estates Projects Ltd expects its sale bookings to rise 55 per cent this fiscal to touch an all-time high of Rs 20,000 crore driven by strong demand for residential properties. Its sale bookings stood at Rs 12,931 crore in 2022-23. Buoyed by the company's performance in the first two quarters of 2023-24, Prestige Group Chairman and Managing Director Irfan Razack said sale guidance has been revised for this fiscal year to over Rs 20,000 crore from Rs 16,000 crore earlier. "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," Razack said on the sidelines of CREDAI NATCON conference in Egypt recently. He sounded very bullish on demand of residential properties across all price brackets. "There is a huge demand for ...

Realty shares in focus; Prestige, Godrej Properties, DLF rally up to 10%

The S&P BSE Realty index up 3 per cent was the top gainer among sectoral indices on Tuesday.

Realty firm Prestige Estates Q1 sales bookings up 30% to Rs 3914.7 cr

Realty firm Prestige Estates Projects Ltd's sales bookings rose 30 per cent to Rs 3914.7 crore in the first quarter of this fiscal year on better demand of its residential and commercial properties. Its sales bookings stood at Rs 3,012 crore in the year-ago period. In a regulatory filing, Bengaluru-based Prestige Group said it sold 3.83 million square feet area during April-June quarter of 2023-24 financial year. All major listed real estate developers have been registering healthy sales bookings in the past two years on the back of strong revival in the housing demand.