Prestige Group Acquires 102 Acres In Q1 For Rs 20,000 Crore Housing Projects
According to its latest investor presentation, the company acquired a total of 102 acres of land in Bengaluru, Hyderabad, Chennai and Mumbai in the first quarter of this fiscal year
Realty firm Prestige Estates Projects Ltd has acquired 102 acres of land in the April-June quarter to build housing projects, with a potential to generate revenue of more than Rs 20,000 crore.
Looking to expand its residential real estate business, Bengaluru-based Prestige Estates Projects has been acquiring land parcels outright and also partnering with landowners.
According to its latest investor presentation, the company acquired a total of 102 acres of land in Bengaluru, Hyderabad, Chennai and Mumbai in the first quarter of this fiscal year.
These land parcels will be used to develop residential projects, which would have an estimated gross development value (GDV) of Rs 20,400 crore.
According to the presentation, Prestige Estates in Hyderabad acquired two plots -- 28 acres in Tellapur and 37 acres in Pulimamidi.
In Bengaluru, the company has acquired three land parcels -- 10 acres in Poojanahalli - Devanahalli, 7 acres in Kothanuru, KR Puram and 10 acres in Ittangur, Sarjapura.
At Velachery in Chennai, the company acquired 3.48 acres.
Prestige acquired 6.3 acres of land in Mumbai.
The presentation did not mention the cost of the land.
On financial performance, the company recently reported a 26 per cent increase in its consolidated net profit to Rs 292.5 crore during the first quarter of this fiscal.
Its net profit stood at Rs 232.6 crore in the year-ago period.
The total income rose to Rs 2,468.7 crore during the April-June period of this fiscal from Rs 2,024.5 crore in the corresponding period of the preceding year.
Last month, Prestige Estates Projects Ltd reported a four-fold jump in its sales bookings to Rs 12,126.4 crore in the first quarter of FY26, mainly due to strong demand for its housing project in Ghaziabad.
The company's sales bookings or pre-sales stood at Rs 3,029.5 crore in the year-ago period.
During the entire last fiscal year, Prestige Estates sales bookings declined 19 per cent to Rs 17,023.1 crore, "reflecting the impact of deferred launches amid approval delays".
The company has given guidance of achieving Rs 27,000 crore worth of sales bookings during the current fiscal year.
Prestige Group has delivered over 300 projects and has a pipeline of around 140 projects.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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