Prestige Group sets record with FY24 sales topping ₹21,040 crore

livemint.com:

BENGALURU : Real estate developer Prestige Group clocked ₹21,040 crore worth of home sales in fiscal year 2023-24 (FY24), setting a record for the highest annual sales by any developer, amid a boom in the residential market. The Bengaluru-based firm on Monday said that sales in FY24 marked a 63% increase year-on-year, rising from ₹12,931 crore in FY23.

Surpassing ₹20,000 crore in sales marks a new benchmark not only for Prestige Group but also for the real estate industry. In FY23, Prestige Group, along with three other real estate firms—DLF Ltd based in Gurugram, Mumbai's Godrej Properties Ltd (GPL), and Macrotech Developers Ltd—had each reported sales bookings exceeding ₹12,000 crore, a first in the industry.

Irfan Razack, chairman and managing director, Prestige Group, said, “We are happy to announce our strong achievements in FY24 - our record-breaking sales of ₹21,040 crore, coupled with the highest ever annual collections of ₹11,954 crore, area sold - among other parameters, reflect the trust of our customers and dedication of our team." Significant acquisitions and successful partnerships have not only contributed to the company's financial success but also strengthened its position as a leading real estate developer, Razack added. Prestige Group also reported its highest-ever annual area sold in FY24, reaching 20.25 million square feet, a 34% increase year-on-year.

This surge was driven by several new project launches, with the total development area expanding by 52% from FY23 to 40.19 million. “…We anticipate greater momentum ahead, with key markets like NCR (national capital region) and Pune driving sales.