Prestige Group to Invest in New Housing Projects for Rs 30000 Crore across Major Indian Cities

Prestige Group who are the reputed real estate builders of India, plans to launch Rs 30,000 crore worth of housing projects in this quarter across major cities, including Delhi, Chennai, Bangalore, and Mumbai.

Many big projects are in the final approval stages in major cities and will be launched soon in 2025. One best upcoming projects is Prestige Southern Star in Bangalore, over 34 acres. The project will feature 1, 2, 3, 3.5, and 4 BHK sizes with sizes from 685 sq ft and 2750 sq ft and has 65+ modern amenities.

Currently, Prestige Group has 59 ongoing projects over 101 million sq. ft. They still have 65 planned projects covering 96 million sq. ft. Prestige Group has sold 8.09 million sq. ft. of space at Rs 13,128 per sq. ft. in the nine months of the financial year. It goes to a sales value of Rs 10,065.7 Crores. The group has done 302 projects over 193 million sq ft.

Here is a look at the key performance of Prestige Group from April to December 2024:

• Number of units sold: 3618
• Total sales value: Rs 10065.7 Crores
• The amount collected from buyers: Rs 8,910.9 Crores
• Total area sold: 8.09 million sq ft
• Average sale price per sq ft: Rs 13,128

The total number of units sold by them was 3618, and collection from buyers was Rs 8910.9 Crores. They are planning to get Rs 24,000 crore pre-sales in FY25. In the 2023 to 2024 fiscal year, Prestige group has reported a 63 per cent increase in sales bookings at Rs 21,040 Crores from Rs 12,931 Crores in the past financial year.

Last month, Prestige Group reported an 85 per cent decline in profit to Rs 17.7 Crores for the Dec quarter against a net profit of Rs 116.3 Crores in the year-ago period. The Total income fell to Rs 1,697.9 Crores during the quarter from Rs 1,970.5 Crores.

Prestige Group’s Managing Director, Irfan Razack, believes that their annual target of Rs 24,000 Crores is possible if they get the needed approvals for upcoming projects on time. Once their approvals come through, they are ready to roll out their projects and meet the expectations of buyers. Their Rs 30,000 Crores investment is an indication that they are gearing up for a big push in the real estate market of India.