Prestige Estates Buys 102 Acres for INR 20,400 Cr Projects

Bengaluru realty giant Prestige Estates Projects Ltd has bought 102 acres of land in four major cities in the April–June quarter to develop housing projects with an estimated gross development value (GDV) of Rs.20,400 crore.

As per its latest investor presentation, the deals range across Bengaluru, Hyderabad, Chennai, and Mumbai. In Hyderabad, Prestige bought 28 acres in Tellapur and 37 acres in Pulimamidi.

In Bengaluru, it bought 10 acres in Poojanahalli- Devanahalli, 7 acres in Kothanuru, KR Puram, and 10 acres in Ittangur, Sarjapura. Chennai welcomed an addition of 3.48 acres in Velachery, while Mumbai deals amounted to 6.3 acres. The company did not reveal the cost of the lands purchased. 

Key Highlights:

• 102 acres acquired across Bengaluru, Hyderabad, Chennai, and Mumbai for housing projects worth Rs.20,400 crore
• Q1 FY25 net profit up 26 percent to Rs.292.5 crore, with total income rising to Rs.2,468.7 crore
• Sales bookings target of Rs.27,000 crore set for FY25 despite last year’s 19 percent decline due to delayed launches

"Strategic acquisitions will remain our focus to drive residential growth. The land parcels will substantially add to our portfolio and make us stronger in core markets," the company said in the presentation.

On the profitability side, Prestige Estates saw its consolidated net profit rise 26 percent to Rs.292.5 crore in Q1 FY25 from Rs.232.6 crore during the corresponding quarter last year. Total income improved to Rs.2,468.7 crore from Rs.2,024.5 crore during the same period last year.

Also Read: Prestige Estates sales booking reduces by 43% in Q2 FY25

Even as there was a 19 percent fall in sales bookings to Rs.17,023.1 crore in the last fiscal year because of deferred launches owing to approval delays. The realty group expects to reach this year's sales bookings target of Rs.27,000 crore.

"With more than 300 projects already delivered and a pipeline of some 140, we have confidence in our capacity to deliver superior value to our customers and stakeholders," Prestige Group said.