Prestige Estates' Surprising Sales Decline Despite Strong Housing Market

Prestige Estates Projects Ltd reported a 43% drop in sales bookings for Q2 to Rs 4,022.6 crore, compared to the previous year's Rs 7,092.6 crore. This decline comes despite robust housing demand. The sales bookings for the first half of the fiscal year also fell significantly.

Prestige Estates Projects Ltd, a major player in the real estate sector, has reported a notable decline in sales bookings for the second quarter of this fiscal year. Despite strong housing demand, the company's sales plummeted by 43% to Rs 4,022.6 crore, as per the latest regulatory filing released on Thursday.

The comparison between the July-September quarter results for 2023 and 2022 shows a decrease from Rs 7,092.6 crore in sales bookings, marking a significant downturn. This pattern continued throughout the first half of the fiscal year, with sales dropping to Rs 7,052.2 crore, compared to Rs 1,100.73 crore during the same timeframe last year.

As one of the nation's prominent real estate developers, Prestige Estates' unexpected sales decline raises questions about market dynamics and potential future impacts on the company's strategic direction.

(With inputs from agencies.)