On Monday, Prestige Estates reported an over four-fold jump in its sales and booked Rs 3,012 crore in the first quarter of this financial year.

After the second wave of the pandemic, the sales bookings stood at Rs 733.9 crore in the year-ago period.

“The sales have come from 3.63 million square feet volume with an average realisation of Rs 8,298 per square feet. Collections made during the quarter were to the tune of Rs 2,146.4 crore,” it said.

• Vedanta Outlook for the Week (April 29, 2024 – May 03, 2024)
• Tata Steel Outlook for the Week (April 29, 2024 – May 03, 2024)
• PFC Outlook for the Week (April 29, 2024 – May 03, 2024)
• Piramal Enterprises Outlook for the Week (April 29, 2024 – May 03, 2024)
• MANAPPURAM Outlook for the Week (April 29, 2024 – May 03, 2024)

During the first quarter, the company launched four projects comprising 9.67 million square feet, the rest three projects totalling 0.78 million square feet, were completed during the last quarter.

On the performance, Irfan Razack, Chairman and Managing Director, Prestige Group, said: “We are happy to see the contribution of our newly launched projects in Mumbai to our overall numbers and are optimistic about the increasing value they will be adding in the upcoming quarters.” Venkat K Narayana, Chief Executive Officer, Prestige Group, said the company’s sales bookings had grown multi-fold despite the interest rate hikes and the mixed macroeconomic sentiments.

“We hope to keep up this momentum and have around 15 million square feet of launches planned for the next few quarters across Bangalore, Mumbai, NCR, Hyderabad and Chennai,” he added.