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Prestige Group, a prominent real estate firm, has witnessed a remarkable surge in its sales bookings for the second quarter of the current fiscal year. According to a regulatory filing, the company reported sales bookings amounting to INR 7,092.6 crore, showcasing a substantial increase of 102 percent compared to the previous year. Concurrently, customer collections also experienced a modest uptick, reaching INR 2,639.8 crore, reflecting a 1 percent growth.
This surge in sales can be primarily attributed to the robust demand for residential properties. In terms of volumes, Prestige Group's sales bookings surged by 50 percent year-on-year, encompassing an impressive 6.84 million square feet.
Irfan Razack, the Chairman and Managing Director of Prestige Group, underscored the significance of these achievements. He highlighted that in the initial six months of the fiscal year 2024, the company achieved sales of INR 11,007 crore. This figure is remarkably close to the sales recorded for the entire fiscal year 2023, which amounted to INR 12,931 crore.
One notable aspect of this surge is the substantial increase in the average realization per square foot for both apartments/villas and plots. The average realization for apartments/villas reached INR 10,369 per square foot, marking a notable increase of 29 percent year-on-year. Additionally, the average realization for plots also experienced significant growth, reaching INR 6,753 per square foot, which represents a substantial increase of 62 percent.
During the second quarter of the fiscal year, Prestige Group successfully sold a total of 3,659 units. This period was characterized by the launch of significant projects, which received an overwhelmingly positive response from the market. These projects collectively contributed more than INR 5,000 crore to the quarterly sales figures. Furthermore, the Mumbai region continued to exhibit strong performance, securing formidable sales.
Prestige Group's exceptional performance in sales bookings reflects the resilience and adaptability of the real estate market, particularly in the residential sector. Despite the challenges posed by various economic factors, the company's ability to meet the evolving demands of homebuyers and investors has proven to be a driving force behind its impressive sales figures.
The surge in residential property sales aligns with the broader trends observed in the Indian real estate market. Factors such as urbanization, changing lifestyles, and the need for secure and comfortable living spaces have continued to drive demand for residential properties. This has resulted in real estate developers like Prestige Group capitalizing on the opportunity and launching projects that cater to these demands.
Prestige Group's exceptional sales performance in the second quarter of the fiscal year 2024 reflects the company's ability to respond effectively to the evolving demands of the real estate market. With a strong portfolio of residential properties and the successful launch of significant projects, Prestige Group has solidified its position as a key player in the Indian real estate sector.
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