Prestige Estates Likely To Surpass Pre-Sales Target Of Over Rs 25,000 Crore In FY26
Prestige Estates can potentially do pre-sales of Rs 62,000 crore.
Prestige Estates Projects is targeting pre-sales of over Rs 25,000 crore in financial year 2026, according to the Chairman and Managing Director of Prestige Group, Irfan Razack. The company’s confidence stems from its robust inventory and pipeline.
“What we guided at the beginning of the year was around Rs 25,000 crore, of which we've done almost half in Q1FY26 itself. Now, what does it mean? It means that there is more potential. This year, we will definitely surpass the target that we have guided for,” he said during a conversation with NDTV Profit.
The company reported sales of Rs 12,126.4 crore in quarter ended June. Depending on the pace of approvals, the company can potentially achieve pre-sales of Rs 62,000 crore, according to the CMD.
“Currently, we hold an inventory of about Rs 20,000 crore and we have a Gross Development Value in the pipeline of another Rs 42,000 crore. That takes the entire stock that will come in eventually at Rs 62,000 crore. Any slip, one or two projects get delayed,” the top executive emphasised.
He underlined that the mid-market segment (Rs 1 crore to Rs 3 crore) is the “evergreen” driver of demand.
“The market which is evergreen, where there's a need and the demand will be constant, is the mid-market. As long as the mid-market is doing well, that's where the business will keep coming from,” he said.
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On pricing, he suggested that property values have reached a "certain peak." He argued against speculative increases, saying, "I personally wouldn't want the pricing to go too high too fast because then it breaches the affordability barrier."
Prestige Group is moving ahead with plans to unlock value in its other business verticals. The company has received clearance for the draft red herring prospectus for its hospitality arm's IPO and expects to conclude it by mid-September.
He said the Reserve Bank of India’s recent rate cuts have significantly eased the financial burden on homebuyers. He also supported the Monetary Policy Committee’s decision to keep the repo rate unchanged at 5.5% in its August policy review.
