Prestige Group Q2 sales bookings up 2-fold to Rs 7,092 cr on strong demand

Realty firm Prestige Group on Friday reported more than two-fold jump in sales bookings to Rs 7,092 crore in the second quarter of this fiscal year, on strong demand for residential properties.

In a regulatory filing, Prestige Group informed that it has registered sales of Rs 7,092.6 crore, up by 102 per cent year-on-year (yoy).

The collections from customers rose 1 per cent to Rs 2,639.8 crore.

In terms of volumes, sales bookings rose 50 per cent yoy to 6.84 million square feet.

"What makes our achievements even more noteworthy is that in just the first six months of FY'24 we have achieved sales of Rs 11,007 crore, which is close to the sales of the entire 12 months of FY23 of Rs 12,931 crore," Irfan Razack, Chairman and Managing Director, Prestige Group, said.

Prestige Group achieved an average realization of Rs 10,369 per square feet, up by 29 per cent yoy for apartments/Villas.

Average realization of plot was Rs 6,753 per sq ft, up by 62 per cent.

The Group sold 3,659 units during the second quarter of this fiscal.

"This quarter has been marked by significant launches... which received overwhelming responses, contributing to Rs 5000+ crore of the quarterly sales. Mumbai continues to perform well, garnering formidable sales," Venkat K Narayana, CEO, Prestige Group said.