Bangalore-based real estate developer Prestige Estates Projects intends to double its overall residential sales by the financial year 2026. The management made these comments on its analyst day.
Bangalore-based real estate developer Prestige Estates Projects intends to double its overall residential sales by the financial year 2026. The management made these comments on its analyst day. The management also aims to double the sales from Mumbai to Rs 5,000 crore by the financial year 2026 from the current level of Rs 2,500 crore. Sales targets have also been increased for cities like Bengaluru, Hyderabad, and Chennai.
Speaking to CNBC-TV18, after the meeting, Irfan Razack, CMD of Prestige Group said that the company expects a bookings growth of 25 percent in FY24, which is a positive indication of the real estate market's recovery.
He said, “The target that we set for this financial year, we will cross and you can look at at least 25 percent growth.”
Also Read | Over Rs 1,000 crore sales in a jiffy for DLF's The Arbour | Are luxury flats riding a wave?
Razack also talked about the company's sales projections for different markets. He mentioned that the Hyderabad market alone is expected to generate sales worth Rs 5,000 crore, while the Chennai market is expected to contribute sales of Rs 2,500 crore. Apart from these two cities, the NCR and Pune markets are also expected to add substantially to the company's bookings.
However, despite the potential of the NCR market, Razack admitted that the company has not yet done any work in this region. Nevertheless, the company is now looking at the Noida and Gurgaon markets as potential areas for future growth and expansion.
“We are looking at both Noida and Gurugram, but as of now the situation is that we are waiting for approvals and if that happens, we will definitely clock in more numbers from that market and we are quite anxious to do that,” said Razack.
Apart from real estate, the hospitality sector has taken off very well for the company. According to Razack, the demand in the hospitality segment is a combination of leisure travel and business events. The company has many assets in the pipeline for the hospitality sector, and it is expecting significant growth in this area in the coming years.
For more details, watch the accompanying video
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Recommended ArticlesView All
Leaders Speak | Generative AI — our new and increasingly intelligent co-worker
Jun 3, 2023 IST5 Min(s) Read
Coach-Soch | Here's what the US debt deal teaches about morality in global leadership
Jun 3, 2023 IST5 Min(s) Read
Healthy India: Will NBRC research make a breakthrough in Alzheimer’s treatment?
Jun 2, 2023 IST5 Min(s) Read
National Pension System investment for retirement years — returns & allocation strategy
Jun 2, 2023 IST4 Min(s) Read