Prestige Estates Plans Rs. 42,000 Cr Projects Amid FY24 Dip

Key Highlights:

• Prestige to launch 25 projects worth Rs. 42,120 Cr in FY25 across major cities.
• FY24 saw 18 percent drop in sales bookings, with 26.28M sq ft launched.
• Net profit fell to Rs. 467.5 Cr; development costs rose 36 percent YoY.

In the current financial year, Prestige Estates Projects Ltd is planning to start multiple housing projects in main cities with revenue expected to surpass Rs. 42,000 crore, to grow the business given current buyer interest.

The investors presentation reveals that Prestige Estates aims to introduce 25 new residential projects (having 44.80 million sq ft) with around Rs. 42,120 crore in development value during this financial year. In Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Goa, projects are currently being planned.

The company started fewer projects in the 2024-25 financial year because delays in getting government approvals were encountered. Last fiscal year, Prestige Estates launched 26.28 million square feet and the projects had a combined gross development value of Rs. 26,222.8 crore. Sales bookings or pre-sales were down for the company in the previous year.

Also Read: Prestige Group Completes Three Landmark Projects in Mumbai, Delivering Over 800 Units Across 2.8 Million Sq. Ft.

During the 2024-25 fiscal year, there was an 18 percent reduction in Prestige Estates' sales bookings which was due to the postponement of launches because of approval problems, said the company in April. Fiscal 2020 did not bring the sales bookings target of Rs. 24,000 crore that the company had aimed for. In 2024-25, the area leased totaled 12.58 million square feet which was 38 per cent less year-on-year compared to the previous year.

5,919 items were sold throughout last fiscals. The cost to develop properties in top cities rose by around 36 percent year-on-year, reaching Rs. 14,113 sqft on average for apartments, villas and commercial units. Prestige Estates net profit dropped to Rs. 467.5 crore during the 2024-25 fiscal, compared to Rs. 1,374.1 crore in the previous fiscal. There was a decrease in total income as well, from Rs. 9,425.3 crore in 2023-24 to Rs. 7,735.5 crore in last year. Prestige Group has undertaken over 300 projects and is adding properties to destinations in major Indian states.