Prestige Cracks into Mumbai Real Estate Market With Rs.1,300 Cr Sales

The Prestige Group has been one of the most trusted and respected groups in the Indian Real Estate market. The group has a diversified business model across various segments-residential, hospitality, retail, and offices and it operates in more than 12 locations in India. With 38 years of existence, the group has completed more than 300 projects and has delivered around 190 Million square feet. The group yesterday informed that it has sold apartments worth Rs.1300 crores under its project launched in South Mumbai, Prestige Ocean Towers.

About The Project

Prestige Estate has pre-launched a 2-acre project named Prestige Ocean Towers which has 169 residences across two towers. The project is located in Girgaon, Mumbai. It offers lavish 4,5 and 6 BHKs starting at Rs.18 Crores. The company has pre-launched this project with 75 residences with a potential of Rs.1700 crores in revenue and has sold more than 70% of the pre-launched residences even before the official opening of the apartment.

These towers have a developable potential of 4.6 Lakh square feet of carpet area that will generate revenue of about Rs.4100 crores in total.

CMD Irfan Razack on this project

The Chief Managing Director of Irfan Razack in this development has said,” This will be one of the most iconic luxury developments in the country and we would like to thank our customers, partners, stakeholders and well-wishers for the constant support and trust in us. This encourages us to launch the remaining inventory at Prestige Ocean Towers sooner than we anticipated.”

Company’s Business in Mumbai

The Prestige group entered the real estate market of Mumbai two years ago and to date has sold about Rs.6,000 crores worth of projects with Prestige City in Mulund, Prestige Jasdan Classic in Mahalaxmi, Prestige Daffodils in Bandra and Prestige Ocean Towers in Marine Lines.

The prospects for the company in Mumbai also look positive for the future ahead with the group aiming to add more under its Mumbai residential portfolio in addition to their existing portfolio of Bandra and Mahalaxmi in Mumbai.

Stock Performance

Prestige Estates stock has given attractive returns of 180% in the last year, The stock is up by 7% in the past month, It has made a 52-week high of Rs.1440.00 on January 15, 2024. The stock currently trades at Rs.1351 and is up by +1.9% as of Tuesday, April 30.

Conclusion: After getting an amazing response by cracking Rs.1300 revenue, The company has highlighted that they will launch the remaining inventory of the Prestige Ocean Towers sooner than anticipated. With the Mumbai property market continuing its record run and scaling new highs in 2023, the upcoming projects of the firm in Mumbai will also get a good response that will play a major role in boosting its earnings ahead.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.