© Reuters.
Prestige Estates Projects Ltd., under the leadership of Chairman and Managing Director Irfan Razack, has announced plans for a new luxury housing project in central Delhi, in partnership with a local realty firm. The announcement was made at the CREDAI-NATCON event.
The company is not new to the Delhi-NCR market, already working on a commercial project in Aerocity, Delhi. This venture features two large hotels and is expected to be completed by 2025-26. Additionally, Prestige Estates is also collaborating with ACE group on a mid-income housing project in Sector 150 Noida. This project is still awaiting approval.
Prestige Estates, a prominent player in the Real Estate Management & Development industry according to InvestingPro Tips, has entered into a joint development agreement with TDI for a high-end development in KG Marg, Delhi. The associated debt for this one-acre project was settled via an initial payment to Indiabulls. Currently under planning and approval stages, it is expected to launch within this fiscal year.
Razack expressed the company’s keen interest in further residential projects within the Delhi-NCR area. In light of strong demand for residential properties, Prestige Estates forecasts a 55% increase in its sale bookings this fiscal year, aiming to achieve an all-time high of Rs 20,000 crore. This follows a successful previous fiscal year where the company recorded sales bookings of Rs 12,931 crore.
For the second half of this fiscal year, Prestige Estates has an aggressive launch plan across major cities like Bengaluru, Hyderabad, Chennai, and Mumbai. It also plans luxury housing projects in Goa and Delhi. In the first half of this fiscal year alone, the company sold 10.7 million square feet area for Rs 11,007 crore and launched 16.20 million square feet of area.
Prestige Group has a wide operational reach, with projects in over 12 major locations in India. To date, the company has completed 285 projects with a developable area of 170 million square feet and currently has 54 ongoing projects. It’s worth noting that Prestige Estates has maintained dividend payments for 13 consecutive years, a strong signal of the company’s financial health, as per InvestingPro Tips.
InvestingPro Tips also indicate that the company has shown a strong return over the last five years, which may be of interest to potential investors. For more insights and tips, consider checking out the InvestingPro product, which includes numerous additional tips for a wide range of companies, including Prestige Estates.
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