homereal estate NewsPrestige Group anticipates robust second half with multiple residential launches
Prestige Group anticipates robust second half with multiple residential launches
Bengaluru-based listed real estate developer Prestige Group is looking at a robust second half with a slew of launches and ambitious sales targets.
Bengaluru-based listed real estate developer Prestige Group is looking at a robust second half of the financial year 2024 for its residential business, with a slew of launches and ambitious sales targets.
Irfan Razack, the company's CMD said, “We have a lot of launches planned for the next six months in all the cities that we are present in that will actually boost our numbers. Like I previously said, we are targeting a number of 20,000 topline on pre-sales for FY24.”
The company currently earns revenue of around ₹250-300 crore as exit rental from commercial properties. It aims to increase this revenue to over ₹3,000 crore by FY28.
Exit rental typically refers to the rent that is expected upon the exit of a tenant or at the end of a lease agreement. It helps project the future rental income from the property, based on current market conditions and trends.
“The target is by FY28 we should have a top line of more than ₹3000 crore on rentals. We have to also add to it the retail mall portfolio. We have a strong pipeline of many more malls under construction and even that will add up to about ₹500 to 700 crore by FY28.”
The company is actively exploring opportunities in cities like Bengaluru, Pune, Goa, Chennai and the National Capital Region (NCR). In a strategic move, Prestige Group has acquired a land parcel in Hyderabad, further solidifying its presence in South India.
Notably, the Mumbai real estate market has been a significant focal point for the company, offering higher realisations compared to other regions.
The realty firm last month reported record sales of ₹11,007.3 crore during the first half of FY24, marking a solid 69% year-on-year increase.
Prestige Estates shares were trading at ₹828.10, marking a surge of over 23% over the last month.
The market capitalisation of Prestige Estates stands at ₹33,103.16 crore, and it competes with industry rivals such as Brigade Enterprises, DLF, and Godrej Properties.
(Edited by : Shweta Mungre)
First Published: Nov 8, 2023 1:46 PM IST
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