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Prestige Estates Projects Ltd has expanded its land holdings by acquiring 102 acres during the past quarter to develop residential projects in Bengaluru, Hyderabad, Chennai and Mumbai. With an estimated gross development value exceeding INR 20,000 crore, the acquisitions form part of the company's aggressive growth strategy in the housing sector. The firm also posted robust quarterly results, recording higher net profit, revenue and sales bookings, supported by strong demand, especially from a large-scale project in Ghaziabad. Management has provided strong sales guidance for the current fiscal year.
Bengaluru-headquartered Prestige Estates Projects Ltd has significantly boosted its residential development pipeline by securing 102 acres of land in the April-June quarter. The latest investor presentation indicated that the acquisitions were spread across Bengaluru, Hyderabad, Chennai and Mumbai. These sites are intended for residential developments, projected to deliver an estimated gross development value of INR 20,400 crore. Advertisement
In Hyderabad, the company obtained two sizeable parcels - 28 acres in Tellapur and 37 acres in Pulimamidi. Bengaluru acquisitions included three plots: 10 acres in Poojanahalli-Devanahalli, 7 acres in Kothanuru, KR Puram, and 10 acres in Ittangur, Sarjapura. In Chennai, a 3.48-acre plot in Velachery was added to the portfolio, while in Mumbai, Prestige secured 6.3 acres. The investor note did not disclose the purchase costs.
The real estate major recently reported a 26 per cent year-on-year increase in consolidated net profit to INR 292.5 crore for the first quarter, compared with INR 232.6 crore in the same period last year. Total income rose to INR 2,468.7 crore from INR 2,024.5 crore.
The company also reported a four-fold increase in sales bookings to INR 12,126.4 crore in the first quarter, primarily driven by high demand for a residential project in Ghaziabad. This marked a sharp rebound from last fiscal year's 19 per cent decline in sales bookings to INR 17,023.1 crore, which had been attributed to deferred launches caused by approval delays. Management has projected sales bookings worth INR 27,000 crore for the current fiscal year.
Prestige Group, with over 300 completed projects, currently maintains a pipeline of around 140 developments in various stages of planning and execution.
Supported by rising quarterly profits, robust income growth and a sharp surge in sales bookings, the company appears well-positioned to meet its ambitious guidance for the current fiscal.
Source- PTI
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