Prestige Estates will launch more flats after Mumbai sales boost firm's average price realisation

Prestige Estates Projects is looking to launch new projects in the third quarter of this financial year, the management told CNBC-TV18 after the company posted its first-quarter numbers.

Compared to the same period a year ago, the reading shows an uptick because the last year was impacted by the COVID-19 slowdown. However, the company's sales at around Rs 3,000 crore declined for the third straight quarter.

Irfan Razack, chairman and managing director of Prestige Group, said that the Mumbai market had given 25 percent of the entire Rs 3,000 crore, and thus they are confident of an uptick in the coming times.

Razack said, “We had an average of about Rs 8,800 a square foot on the overall price per square foot we sell. Mumbai has, of course, boosted our average price realisation.”

He said 25 percent of collections were from Mumbai.

The company has 15 million square feet of launches planned for the next few quarters across key cities like Bengaluru, Mumbai, National Capital Region (NCR), Hyderabad and Chennai and is optimistic about the increasing value that new projects in Mumbai will add.

“We do hope that probably in the third quarter, the approvals will come, and we will launch. I believe there is a good demand, even in that city (Noida), and it's only a matter of time that we cracked that,” said Razack.