Realty agency Prestige Estates Projects Ltd will develop 4 new housing initiatives in Bengaluru, Goa and Hyderabad with an funding of almost Rs 2,000 crore amid restoration in demand for residential properties.
The Bengaluru-based firm will develop almost 3,400 housing models in these 4 initiatives over the subsequent three and half years.
“We have launched four new housing projects in the last few months. We are getting very good traction in all these four projects. We have already sold 50 per cent in Hyderabad,” Prestige group Chairman Irfan Razack informed PTI.
Elaborating on these 4 initiatives, Prestige Estates Executive Director-Business Development Swaroop Anish stated the corporate launched a center revenue housing undertaking ‘Prestige Tranquil’ in Hyderabad early this month.
The undertaking, which is unfold over almost Eight acre and contains 906 models, can be developed with an funding of round Rs 825 crore together with the land price, Anish stated.
The first one ‘Prestige Primrose Hills’ at Kanakpura Road is an inexpensive housing undertaking, which is unfold over 15.5 acres having 1,680 models. The undertaking price is pegged at round Rs 475 crore.
The second undertaking in Bengaluru is situated at Whitefield named Prestige Waterford. The firm is setting up 689 models on this almost 17-acre undertaking at a value of round Rs 575 crore.
In Goa, the corporate is growing a 2-acre undertaking ‘Prestige Ocean Crest’, comprising 106 models, with an funding of almost Rs 90 crore.
According to an investor’s presentation, Prestige Estates clocked 9 per cent year-on-year development in gross sales bookings to Rs 1,123.Three crore throughout July-September quarter regardless of the COVID-19 pandemic.
Its gross sales reserving within the first six months of 2020-21, nevertheless, declined to Rs 1,584.four crore from Rs 2,042.5 crore within the corresponding interval of the earlier yr due to the coronavirus-induced lockdown.
According to PropTiger.com, housing gross sales in eight main cities fell 54 per cent year-on-year in January-September 2020 to 1,23,725 models.
However, the demand is gravitating in the direction of these actual property gamers who’ve a greater observe report of executing actual property initiatives on time with out compromising in high quality.
Meanwhile, Prestige Group is promoting a big portfolio of its industrial belongings — workplace, buying malls and inns — to international funding agency Blackstone for over Rs 9,000 crore.
The time period sheets between the 2 events have already been signed and the deal is more likely to be concluded subsequent month.
Prestige group will utilise a significant portion of sale proceeds to scale back its debt. Its internet debt stood at Rs 8,667.6 crore on the finish of the second quarter with a mean borrowing price of 9.65 per cent.
Prestige Estates Projects just lately reported 40 per cent fall in consolidated internet revenue at Rs 93.Eight crore for the quarter ended September. It had posted a internet revenue of Rs 157.2 crore within the year-ago interval.
Total revenue stood at Rs 1,916.7 crore within the second quarter of this monetary yr, as towards Rs 1,962.7 crore within the year-ago interval.
Prestige Group has to date accomplished 247 initiatives masking 134 million sq ft space.
In the housing phase, the corporate has accomplished 118 initiatives and is at present growing 30 extra initiatives.
It has accomplished 36 million sq ft of workplace house and 15 million sq ft space is beneath development. In the shopping center phase, 7 million sq ft has been accomplished and one other Three million sq ft space is beneath development.
In lodge enterprise, Prestige group has 1,262 keys and is growing 1,229 keys.
(Only the headline and movie of this report could have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)