New Delhi, Apr 17 (PTI) Realty firm Prestige Estates Projects Ltd sales bookings rose 48 per cent to nearly Rs 7,000 crore in January-March quarter, but pre-sales declined 19 per cent to over Rs 17,000 crore in the last fiscal.

Prestige Estates attributed the fall in annual sales bookings numbers to lower launches of housing projects due to a lack of approvals from development authorities.

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As a result, the company has failed to achieve the annual sales bookings guidance of Rs 24,000 crore.

In a regulatory filing, Bengaluru-based Prestige Estates shared its operational performance for the fourth quarter of the last fiscal and the full 2024-25 financial year.

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The company's sales bookings stood at Rs 6,957.4 crore in the January-March quarter of the last fiscal, an increase of 48 per cent year-on-year (y-o-y).

Sales volume stood at 4.49 million square feet, a 9 per cent increase Y-o-Y.

Total units sold during the fourth quarter stood at 2,301.

The average realisation for apartments, villas, and commercial properties was Rs 15,524 per square foot, representing a 25 per cent Y-o-Y increase.

For plotted developments, the average realisation rose to Rs 6,975 per square feet, a 27 per cent increase from the same quarter last year.

Prestige Estates said the sales bookings during the 2024-25 fiscal declined 19 per cent to Rs 17,023.1 crore, "reflecting the impact of deferred launches amid approval delays".

Sales volume for 2024-25 stood at 12.58 million square feet, down 38 per cent Y-o-Y.

Total units sold across FY25 stood at 5,919.

The average realisation for apartments, villas, and commercial products rose to Rs 14,113 per square feet, an impressive 36 per cent increase Y-o-Y.

Plot sale realisation increased to Rs 7,167 per square foot, registering a 50 per cent Y-o-Y growth.

Irfan Razack, Chairman and Managing Director of Prestige Group, said, "FY25 brought with it a mix of achievements and challenges. Despite delays in project approvals that deferred a few key launches into the next fiscal, the final quarter saw strong traction in sales and an encouraging uptick in realisations. "

The appetite for quality real estate remains robust, as evidenced by the outstanding response to the company's recent launches, he added.

"Our focus on customer-centric offerings and premium positioning has also translated into meaningful growth in per square foot realisations. FY26 is set to be a defining year for Prestige Group as we expand into newer markets, launching marquee projects in NCR and Mumbai and achieving our maiden residential completions in Mumbai," Razack said.

"With approvals progressing and the demand environment holding steady, we are optimistic about scaling new heights in the coming year and deepening our presence across key geographies," Razack said.

Prestige Estates is one of the leading real estate developers in the country.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)