PRESTIGE ESTATES FOR AN EVEN BETT

FY’22 had gone down in India’s real estate sector, with a unique change in the pecking order. Noted Bengaluru headquartered developer, Prestige Estates Projects had zoomed past sector leaders DLF, Macrotech (Lodha) & Godrej Properties by way of sales booking in the last quarter of FY ’22. If anyone thought it was a one-off or anomaly, Prestige has proved that they are wrong, in Q1 of this fiscal. Despite the significant headwinds by way of the 140 bps interest rate hikes, and unprecedented cost escalations, Prestige has shown significant momentum with Q1 sales booking jumping 310% on a year-on-year basis to over Rs 3000 crore. The overall momentum was striking as it translated to Prestige selling almost 28 homes every day of Q1, with a total of 3.63 million sq ft spanning 2560 units at an average pricing of Rs. 8500 per sq ft. Prestige seems to have clearly benefited from the market’s consolidation to the more organized and credible players post RERA implementation in the country. For Chairman & Managing Director, Irfan Razack, the emergence of Prestige into national leadership and international limelight is a matter of vision fulfilled as he has always guided the listed developer to be highest in quality and ambition, but lowest in noise. A bigger story in Prestige Estates Projects is that it is targeting to sell properties worth at