Prestige Estates Projects’ bookings in FY23 rose by a fourth while during the March quarter it was up nearly a fifth fuelled by launches in Bengaluru.
The company aims to double its sales over the next three years, with a good balance between launches and completions.
The Bengaluru-based developer reported bookings worth ₹12,931 crore in FY23 while bookings were at ₹3,889 crore during the quarter. Collections in FY23 rose 31 per cent on year to ₹9,806 crore, while during the March quarter, it collected ₹2,763 crore, up by 12 per cent YoY.
During the year, the company sold 9,600 housing units of a total area of 15 million square feet (msf), while the average realisation went up 17 per cent to ₹8,812 per square feet (psf) for flats and villas while it rose 2 per cent to ₹4,124 psf for plots. In the March quarter, it sold an area of 4 msf with an average price realisation of ₹9,761 psf, up by 26 per cent on the year.
Project launches rose 57 per cent to 26.4 msf in the fiscal year under review, while in the quarter, it launched four projects of area just over 5 msf. Most of the launches were in Bengaluru. It also completed projects of 15.7 msf in the year and 1.4 msf in the quarter.