Prestige Estates Projects Ltd. recorded a 22.6% year-on-year dip in sales at Rs 3,030 crore in the first quarter of this fiscal due to a lag in approvals and project launches amid the election season. The total sales volume during the quarter also fell to 2.86 million sq ft.
The average realisation rose 16% year-on-year to Rs 11,934 per sq. ft. for apartments, villas and commercial spaces, the company said through an exchange filing on Thursday. The average realisation for plots also rose 46% year-on-year to Rs 7,285 per sq. ft.
The real estate firm reported a 6% jump in sales collection in the quarter ended June at Rs 2,916 crore.
Prestige Estates sold 1,364 units in the first quarter and launched two residential projects in Bengaluru with a combined gross development value of Rs 1,400 crore.
"Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 3,000 crore," said the Chairman and Managing Director of Prestige Estates Projects, Irfan Razack.
Razack further said that there is a pipeline of projects that will be launched by the company in the coming quarters that will help strengthen the market position of Prestige Estates Projects.
The shares of Prestige Estates closed 0.46% lower at Rs 1,773 per share on the BSE, compared to a 0.03% decline in the benchmark Sensex.
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