Prestige Estates Q2 sales bookings up 29% at Rs 1,486cr

Realty firm Prestige Estates Projects Ltd today reported 29 per cent increase in its sales bookings at Rs 1,486 crore for the quarter ended September.
The Bangalore-based company achieved a sales bookings of Rs 1,149.7 crore in the year-ago period.
"The company has sold 1,375 residential units and 0.21 million sq ft of commercial space, aggregating to 2.45 million sq ft amounting to Rs 14,859 million of sales, up by 29 per cent from that of Q2 FY 13-14," Prestige Estates said in a filing to the BSE on its operational performance for the second quarter of the current financial year 2014-15.

During the corresponding period of 2013-14 fiscal, the company had sold 1,193 units and 0.11 million sq ft of commercial space amounting to Rs 1,149.7 crore of sales.
In the second quarter of this fiscal, Prestige Estates has launched three housing projects across Bangalore aggregating to 2.78 million sq ft of total developable area.
It delivered two residential projects and three commercial projects in Bangalore and one retail project in Hyderabad aggregating to 2.94 million sq ft.

During the first six months of this fiscal, Prestige Estates sold 2,652 units and 0.25 million sq ft of commercial space, totalling to 4.72 million sq ft, amounting to Rs 2,893.2 crore of sales.

Prestige said that the company would achieve the sales booking targets for the current fiscal.
"The company is committed to accelerate its sales, collections & launches over the coming quarters and coupled with the numbers achieved so far this fiscal, we are well on track to achieve targets set for FY 2014-15," it added.
Prestige has set a target of Rs 5,000 crore of sales bookings in this fiscal, of which it has already achieved sales bookings of Rs 2,893 crore in the first half.
The company has set a target of 14-16 million sq ft of launches and 10-12 million sq ft of delivery in this financial year.

Share price of the company fell by 0.67 per cent to close at Rs 223 apiece on the BSE. The market cap stood at Rs 8,362 crore.