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Prestige Estates, a leading real estate firm from Bengaluru, has announced its record-breaking sales bookings of Rs. 12,930.9 crore for the last financial year, which is up by 25% on a year-to-year basis. This is the highest ever collection in the history of the company, which is up by 31% on a year-to-year basis. The news was confirmed by the Chairman and Managing Director of Prestige Group, Irfan Razack, and reconfirmed by Venkat K Narayana, the Chief Executive Officer of Prestige Group.
The surge in sales bookings is primarily attributed to the high demand for housing in the country. Prestige Estates has sustained sales bookings of 15.09 million square feet with an average realization of Rs. 8,812 per sq ft (up by 17% year-on-year) for apartments, villas, and commercial sales. The average realization of Rs. 4,124 per sq ft (down 2% y-o-y) was for plot sales. The group sold more than 9,600 homes in the last financial year, comprising over 15 million square feet area.
The company's new launches in the last financial year summed up to 26.38 million square feet, up by 57% annually. The total completion of projects during the last financial year sustained at 15.68 million square feet, up by 10% year-on-year.
During the last quarter of the financial year, Prestige Group recorded sales of Rs. 3,888.8 crore, up 19% year-on-year, and the highest ever quarterly collections of Rs. 2,763.3 crore, up by 12% year-on-year. Prestige Estates had sold 4 million square feet area with an average realization of Rs. 9,761 per square foot (up by 26% y-o-y) for apartments, villas, and commercial sales. The average realization of Rs. 4,508 per square foot (up by 44% y-o-y) was for plot sales.
In conclusion, Prestige Estates has achieved remarkable growth in the past year, which is a testament to the company's dedication to delivering high-quality projects and exceptional service to clients. With ambitious objectives set for the next three years, the company is well-positioned to continue in the direction of high-level growth.
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