Prestige Group Achieves Historic ₹21,040 Crore Sales in FY 2024

On April 8, 2024, Prestige Group announced its operational results for the fiscal year and fourth quarter ending on March 31, 2024.

Prestige Estates Projects Limited stated in an exchange filing that Prestige Group achieved a record-breaking sales milestone of ₹21,040 crore for FY 2024, marking a growth of 63% YOY, where FY 2023 sales were ₹12,931 crore. Their quarterly sales touched ₹4,707 crore, up by 21% YOY.

They attained the highest-ever annual collections of ₹11,954 crore for FY 2024, with a 22% year-on-year growth reported. The FY 2023 collections were ₹9,805 crore. The quarterly collections amounted to ₹3,474 crore, up 26% year-on-year.

Prestige Group also achieved the highest-ever area sold in the year, totalling 20.25 mn sq ft, up by 34% YOY. The quarterly area sold reached 4.11 mn sq ft, up by 3% YOY. They reported the highest-ever number of units sold, with 10,068 units sold in FY2024, and the number of units sold in the 4th quarter of FY 2024 was 1,666. The Group achieved the highest average realisation at ₹10,410 per square foot in FY24.

They reported the highest-ever annual launches, with total project launches totalling Total Development Area (TDA) aggregating to 40.19 mn sq ft in FY 24, up by 52% year over year. Prestige Group has completed delivery of 300 projects encompassing 190 mn sq ft overall to date. In FY 2024, they delivered 19 projects spanning 25.55 mn sq ft and in the Q4 FY 2024, they delivered 9 projects spanning 13.33 mn sq ft.

Commenting on the performance, the Chairman and Managing Director of Prestige

Group, Mr Irfan Razack, said, “We are happy to announce our strong achievements in FY24 – our record-breaking sales of ₹21,040 Cr, coupled with the highest ever annual collections of ₹11,954 Cr, area sold, etc., among other parameters, reflect the trust of our customers and dedication of our team.”

He also added, “Furthermore, the strategic initiatives, including significant acquisitions and successful partnerships, have not only contributed to our financial success but also strengthened our position as a leading real estate developer. The completion of landmark projects and the recognition received in terms of awards and certifications are a testament to our relentless pursuit of quality and customer satisfaction.”

The Group CEO, Mr Venkat K Narayana, said, “Looking to FY25, notable launches include Prestige Forest Hills in Mumbai; Prestige Raintree Park and Prestige Falcon City Luxe in Bengaluru; Prestige Pallava Gardens in Chennai; The Prestige City Indirapuram and Prestige Bougainvillea in NCR; collectively contributing nearly 30 Mn sft with a combined GDV of ₹28,000 Cr.”

About Prestige Group

Prestige Group is one of the leading real estate developers in India, with a legacy of more than thirty years in the field.

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