Prestige Estates Shows Resilience Amid Approval Delays

Prestige Estates Projects Ltd reported a 48% rise in sales bookings for the January-March quarter, reaching nearly Rs 7,000 crore. However, annual pre-sales decreased by 19% due to fewer housing project launches, caused by delays in approvals. Despite these challenges, the company remains optimistic about future growth.

Prestige Estates Projects Ltd has demonstrated significant resilience in its sales bookings for the last quarter, despite facing challenges. Sales bookings surged by 48% to nearly Rs 7,000 crore for the January-March quarter.

However, the real estate company experienced a 19% decline in annual sales bookings, totaling over Rs 17,000 crore, affected by fewer housing launches due to delays in obtaining project approvals.

Although Prestige Estates missed its annual sales guidance target, the company anticipates robust growth in the coming year with expansion plans in newer markets, including NCR and Mumbai, as approval processes gain momentum.

(With inputs from agencies.)