Prestige Estates Projects Ltd targets about Rs 2,000 crore revenue from its new residential project in Mumbai.
In a regulatory filing on Tuesday, the company said it has launched a new residential project - 'Prestige Garden Trails' located at Dahisar-Mira Road corridor on the Western Express Highway in Mumbai.
Spanning across 5.2 acres, the project offers a total carpet area of about 10 lakh sq ft, comprising 1,324 units, with a Gross Development Value (GDV) of about Rs 2,000 crore.
Irfan Razack, Chairman and Managing Director of Prestige Group, said: "Mumbai continues to be one of our key focus markets." The upcoming project reflects the company's confidence in the strong demand for quality mid-segment housing in the Mumbai Metropolitan Region (MMR).
Recently, Prestige Estates launched 620 flats for sale in Ghaziabad with an estimated revenue of Rs 2,200 crore, as part of its strategy to expand business amid strong demand for premium residential properties.
Founded in 1986, Prestige Group has completed over 300 projects across more than 199 million sq ft of developable area, with ongoing and upcoming projects spread across key markets such as Bengaluru, Mumbai, Hyderabad, Chennai, NCR, Goa, and Kochi.
Recently, Prestige Estates Projects reported a 50 per cent increase in its sales bookings to Rs 6,017.3 crore during the second quarter of this fiscal on better housing demand.
Sales volume for the quarter stood at 4.42 million square feet, up 47 per cent year-on-year. The company sold 2,069 units during the July-September period.
The average realisation for apartments rose 8 per cent year-on-year to Rs 14,906 per square feet, while plots saw a sharp 43 per cent increase in realisation to Rs 9,510 per square feet.
For the first half of this fiscal, Prestige Estates achieved record sales of Rs 18,143.7 crore, up 157 per cent year-on-year. The company has surpassed its full-year FY25 sales.
Sales volumes aggregated 13.96 million square feet, representing 6,788 units sold.
