Prestige Estates Targets Record Sales Amid Regulatory Delays

Prestige Estates Projects Ltd has ambitious plans to sell properties worth Rs 27,000 crore in the current fiscal year, marking a 59% increase from last year, signaling confidence in the housing market. However, the company's sales bookings fell by 19% to Rs 17,023 crore for the 2024-25 fiscal year due to delays in project approvals.

In a call with analysts, Chairman Irfan Razack discussed the company's cautious approach by setting a conservative pre-sales target while focusing on over-delivering. Prestige Estates holds inventories worth Rs 20,000 crore and is geared up for project launches with a robust pipeline of Rs 42,000 crore projects this year.

Executive Director Zyad Noaman noted that the previous year's sales dip was mainly due to deferred launches, offset by strong pricing, with residential prices increasing significantly. The company has launched high-profile projects like 'The Prestige City Indirapuram' and plans to expand further with 25 new residential projects across major urban centers.

(With inputs from agencies.)