Latest news with #PrestigeEstates
Mint
8 hours ago
- Business
- Mint
Prestige Estates makes room for a better FY26 as approval delays ease
Prestige Estates Projects Ltd put up a decent show in the March quarter (Q4FY25) with pre-sales or bookings at ₹6,957 crore, up 48% year-on-year. Last quarter, it launched 14.03 million square feet (msf) spanning four projects: Prestige Suncrest and Prestige Southern Star-Ph 1 in Bengaluru, Prestige Nautilus in Mumbai, and Prestige Spring Heights in Hyderabad. Also Read | Prestige Estates gears up for big launches in H2, but timely approvals are key However, Prestige still missed its full-year FY25 pre-sales target. Bookings declined 19% year-on-year to ₹17,023 crore in FY25, below the guided ₹24,000 crore. Lack of adequate new project launches due to approval delays was a dampener for Prestige during a large part of the financial year. Launches fell to 26msf in FY25 from 40msf in FY24, and project completions were tepid as well. Prestige's lacklustre performance comes at a time when other key listed developers such asGodrej Properties Ltd andMacrotech Developers Ltd (Lodha) surpassed their respective guidance, clocking impressive FY25 pre-sales. Prestige's management is upbeat on its FY26 prospects as approvals have begun to fall in place. The company has entered FY26 with the launch of its much-awaited Indirapuram project in the National Capital Region, which has already clocked pre-sales ₹6,500 crore. It also launched 'Prestige Gardenia Estates' in Bengaluru. The company has a strong launch pipeline with projects worth gross development value or revenue potential of around ₹42,000 crore in FY26. Plus, it has unsold inventory worth nearly ₹20,000 crore. This has led the management to guide for pre-sales of ₹27,000 crore, which is around 60% more than the pre-sales achieved in FY25. In fact, pre-sales of ₹12,000-13,000 crore are expected in Q1FY26 itself. Also Read | A lost quarter: Prestige Estates' slow start leaves it a lot to catch up Major projects lined up for FY26 are Prestige Falcon City Luxe, Prestige Raintree Park in Bengaluru; Prestige Pallavaram Gardens in Chennai; Prestige Rock Cliff in Hyderabad; and Prestige Forest Hills Mulund—Phase II in Mumbai. Overall, an improvement in project completions and new launches should drive pre-sales growth in FY26, thus aiding collections, which were muted in FY25. On the commercial side, its office portfolio exited FY25 with an occupancy of 90%. The upcoming commercial offices in BKC are likely to be completed by 2028 and pre-leasing has already started here, the management said. The upcoming office space at Delhi Airport is alreadycommitted and leased. Prestige plans to hand it over by FY26-end. The retail portfolio saw 99% occupancy levels in FY25. For its hospitality business, Prestige has filed the draft red herring prospectus for initial public offering (IPO). Also Read | Prestige Estates set for tightrope walk Prestige is aggressively building up its annuity portfolio and has huge capital expenditure plans with increased thrust on acquiring land for project development. Consequently, debt is inching higher and is likely to stay elevated. Net debt rose to ₹6,716 crore at Q4 FY25-end, from ₹5,960 crore in Q3 FY25, taking the net debt-to-equity metric to 0.42x from 0.37x during this time. 'Net gearing is at 0.42x, manageable, though with a large ongoing capex program (around ₹3,000-3,500 crore annual spends), alongside development business land capex ( ₹4,000-4,500 crore); we believe net debt should still rise by around ₹3,000-4,000 crore in FY26," said Jefferies India report dated 30 May. Year-on-year, Prestige's debt declined, aided by the ₹5,000 crore QIP (qualified institutional placement) issue of the company in 2024. For the Prestige stock that has been under pressure lately, the trajectory of debt remains a key monitorable. The shares have declined by 13% so far in 2025, more than the drop in the Nifty Realty index. A meaningful improvement in pre-sales is crucial in FY26 to reverse the stock's recent underperformance.
Hindustan Times
19 hours ago
- Business
- Hindustan Times
Prestige Group to launch housing projects worth ₹42,000 cr in FY'26 to tap strong consumer demand
New Delhi, Jun 1 (PTI) Realty firm Prestige Estates Projects Ltd will launch multiple housing projects across major cities this fiscal year with an estimated revenue of more than ₹42,000 crore, as it looks to expand business to capitalize on strong consumer demand. According to its latest investors presentation, Bengaluru-based Prestige Estates plans to launch as many as 25 residential projects having 44.80 million sq ft of developable area, with an estimated gross development value of ₹42,120 crore, in this financial year. These projects are lined up in Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Goa. During the 2024-25 financial year, the company launched a lesser number of projects due to delays in regulatory approvals. Prestige Estates launched 26.28 million square feet during the last fiscal year, with a combined gross development value of ₹26,222.8 crore. Last year, the company's sales bookings or pre-sales were affected. Prestige Estates sales bookings during the 2024-25 fiscal declined 19 per cent to ₹17,023.1 crore, "reflecting the impact of deferred launches amid approval delays", the company had said in April. The company was not able to achieve the targeted sales bookings of ₹24,000 crore last fiscal. Sales volume for 2024-25 stood at 12.58 million square feet, down 38 per cent Y-o-Y (year-on-year). Total units sold stood at 5,919 last fiscal. The average realisation for apartments, villas, and commercial products rose to ₹14,113 per square feet, an impressive 36 per cent increase Y-o-Y. Plot sale realisation increased to ₹7,167 per square foot, registering a 50 per cent Y-o-Y growth. On the financial performance front, during 2024-25 fiscal, Prestige Estates net profit fell sharply to ₹467.5 crore, from ₹1,374.1 crore in the preceding year. Total income too declined to ₹7,735.5 crore in the last fiscal year, from ₹9,425.3 crore in the 2023-24 fiscal. Prestige Group has developed more than 300 projects so far and is constructing a large number of properties across major states.
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Business Standard
21 hours ago
- Business
- Business Standard
Prestige Group to launch housing projects worth Rs 42,000 cr in FY26
These projects are lined up in Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Goa Press Trust of India New Delhi Realty firm Prestige Estates Projects Ltd will launch multiple housing projects across major cities this fiscal year with an estimated revenue of more than Rs 42,000 crore, as it looks to expand business to capitalize on strong consumer demand. According to its latest investors presentation, Bengaluru-based Prestige Estates plans to launch as many as 25 residential projects having 44.80 million sq ft of developable area, with an estimated gross development value of Rs 42,120 crore, in this financial year. These projects are lined up in Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Goa. During the 2024-25 financial year, the company launched a lesser number of projects due to delays in regulatory approvals. Prestige Estates launched 26.28 million square feet during the last fiscal year, with a combined gross development value of Rs 26,222.8 crore. Last year, the company's sales bookings or pre-sales were affected. Prestige Estates sales bookings during the 2024-25 fiscal declined 19 per cent to Rs 17,023.1 crore, "reflecting the impact of deferred launches amid approval delays", the company had said in April. The company was not able to achieve the targeted sales bookings of Rs 24,000 crore last fiscal. Sales volume for 2024-25 stood at 12.58 million square feet, down 38 per cent Y-o-Y (year-on-year). Total units sold stood at 5,919 last fiscal. The average realisation for apartments, villas, and commercial products rose to Rs 14,113 per square feet, an impressive 36 per cent increase Y-o-Y. Plot sale realisation increased to Rs 7,167 per square foot, registering a 50 per cent Y-o-Y growth. On the financial performance front, during 2024-25 fiscal, Prestige Estates net profit fell sharply to Rs 467.5 crore, from Rs 1,374.1 crore in the preceding year. Total income too declined to Rs 7,735.5 crore in the last fiscal year, from Rs 9,425.3 crore in the 2023-24 fiscal. Prestige Group has developed more than 300 projects so far and is constructing a large number of properties across major states.
Time of India
a day ago
- Business
- Time of India
Prestige Group to launch housing projects worth ₹42,000 crore in FY26
Realty firm Prestige Estates Projects Ltd will launch multiple housing projects across major cities this fiscal year with an estimated revenue of more than Rs 42,000 crore, as it looks to expand business to capitalise on strong consumer demand. According to its latest investors presentation, Bengaluru-based Prestige Estates plans to launch as many as 25 residential projects having 44.80 million sq ft of developable area, with an estimated gross development value of Rs 42,120 crore, in this financial year. These projects are lined up in Bengaluru, Chennai, Hyderabad, Mumbai , Delhi-NCR and Goa. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Access all TV channels anywhere, anytime Techno Mag Learn More Undo During the 2024-25 financial year, the company launched a lesser number of projects due to delays in regulatory approvals. Also Read: Cluster-based development to anchor Dharavi Redevelopment master plan Live Events Prestige Estates launched 26.28 million square feet during the last fiscal year, with a combined gross development value of Rs 26,222.8 crore. Last year, the company's sales bookings or pre-sales were affected. Prestige Estates sales bookings during the 2024-25 fiscal declined 19 per cent to Rs 17,023.1 crore, "reflecting the impact of deferred launches amid approval delays", the company had said in April. The company was not able to achieve the targeted sales bookings of Rs 24,000 crore last fiscal. Sales volume for 2024-25 stood at 12.58 million square feet, down 38 per cent Y-o-Y (year-on-year). Total units sold stood at 5,919 last fiscal. The average realisation for apartments, villas, and commercial products rose to Rs 14,113 per square feet, an impressive 36 per cent increase Y-o-Y. Also Read: Aparna Constructions to invest over Rs 2,200 cr to build new luxury housing project in Hyderabad Plot sale realisation increased to Rs 7,167 per square foot, registering a 50 per cent Y-o-Y growth. On the financial performance front, during 2024-25 fiscal, Prestige Estates net profit fell sharply to Rs 467.5 crore, from Rs 1,374.1 crore in the preceding year. Total income too declined to Rs 7,735.5 crore in the last fiscal year, from Rs 9,425.3 crore in the 2023-24 fiscal. Prestige Group has developed more than 300 projects so far and is constructing a large number of properties across major states.
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Business Standard
3 days ago
- Business
- Business Standard
Prestige Estates Q4 results: Net profit declines 82% to Rs 25 crore
Prestige Estates informed that it has entered into a framework agreement with Valor Estate Ltd and its wholly owned subsidiaries for jointly developing a project Press Trust of India Bengaluru Realty firm Prestige Estates Projects Ltd has posted an 82 per cent decline in its consolidated net profit to Rs 25 crore in the quarter ended March. Its net profit stood at Rs 140 crore in the year-ago period. Total income fell to Rs 1,589.3 crore in the fourth quarter of the last financial year from Rs 2,232.5 crore in the corresponding period of the preceding year, according to a regulatory filing on late Thursday. During the 2024-25 fiscal, Prestige Estates' net profit fell sharply to Rs 467.5 crore from Rs 1,374.1 crore in the preceding year. Total income too declined to Rs 7,735.5 crore in the last fiscal from Rs 9,425.3 crore in the 2023-24 fiscal. Prestige Estates has also partnered with Valor Group to develop an office complex worth Rs 4,500 crore in Mumbai. Prestige Estates informed that it has entered into a framework agreement with Valor Estate Ltd and its wholly owned subsidiaries for jointly developing a project on lands admeasuring in the aggregate 21,978.22 square meters at Andheri West, Mumbai. The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about Rs 4,500 crore. Both Prestige Estates and Valor will have a 50 per cent economic interest in the project. "The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. of leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates said. The company will infuse Rs 504 crore into the SPV (special purpose vehicle), which will be established to develop this project. Bengaluru-based Prestige Estates Projects Ltd is one of the leading real estate developers in the country. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
