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Prestige Group eyes ₹3,350 cr revenue from new housing project in Chennai
The company has launched a residential project Prestige Pallavaram Gardens - on the PallavaramThoraipakkam Radial Road in Chennai.
The 21.84-acre project has 2,069 premium apartments, offering a total saleable area of 3.1 million (31 lakh ) square feet and a "a Gross Development Value (GDV) of ₹3,350 crore.
Irfan Razack, Chairman & Managing Director, Prestige Group, said: "Chennai has emerged as one of the most dynamic real estate markets in South India, and we are delighted to strengthen our presence here." Bengaluru-based Prestige Group has a portfolio of residential, commercial, retail, hospitality, and integrated townships across major cities. The group has delivered 302 projects spanning 193 million square feet and has a pipeline of 130 projects covering 203 million square feet area.
Prestige Estates Projects Ltd has set a target to sell properties worth ₹27,000 crore this fiscal year, an increase of 59 per cent from the previous year, as it remains bullish on housing demand.
Its sales bookings declined 19 per cent annually to ₹17,023 crore in 2024-25 fiscal year on delays in regulatory approvals to launch its projects.
The company had given a sales bookings guidance of ₹24,000 crore for the last fiscal year, but it missed the target by a huge margin.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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