Is it true that Prestige Estates has reported record level of real estate bookings in the fourth quarter?

The Irfan Razzack group realty company based out of Bengaluru, Prestige Estates, has reported a whopping 90% growth in sales bookings at Rs.10,382 crore For FY22. This growth came on the back of robust demand arising from all-time low home loan rates and most state governments offering waiver on stamp duties to enable people to reduce their cost of buying homes. In FY21, Prestige saw sales bookings of just about Rs.5,461 crore.

For Prestige Estates, the year FY22 was also a record in terms of collections as it clocked a 47% growth in collections at Rs.7,466 crore in the year. It had set a pre-sales benchmark of Rs.10,000 crore for the full year and comfortably breached the mark at Rs.10,382 crore. There was smart response to the 16.77 million SFT of newly launched projects that PEPL has offered as under construction and as part of its completed inventory.

Prestige has more aggressive plans for FY23 too. In fact, in the coming year also it plans to launch over 15 million square feet of space on offer. Most of the new sales for the year FY22 came in at an average selling price of Rs.6,890 per SFT and the company closed the year with completion of 14.26 million SFT across geographies. The Bengaluru real estate market has been one of the most lucrative on the back of the IT boom taking over the city.

Due to its pedigree, Prestige is also able to charge brand premium and this has been helped along with its execution track record in the real estate business. For FY23, Prestige Estates has a string of launches spread across 15 million SFT of space in cities like Bengaluru, Mumbai, NCR, Hyderabad and Chennai. Till date, Prestige has completed 265 projects with developable area of 149 million SFT. It current has 42 ongoing projects worth 63 million SFT.