Prestige Estate Projects - Festive Fervour Kicks In: ICICI Securities
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ICICI Securities Report
Along expected lines, Prestige Estate Projects Ltd. has seen Q2 FY22 gross residential bookings rising 88% YoY in value terms to Rs 21.1 billion (our estimate of Rs 20 billion) on the back of Rs 8.5 billion of sales from the Great Acres plotted development in the Prestige City, Bengaluru project.
With a strong pipeline of launches of 10 million square feet in H2 FY22, this momentum in residential sales is expected to sustain heading into the festive season.
Prestige Estate is gearing up to launch three new projects in Mumbai across six million square feet in Mulund, Byculla and Bandra and the success of these launches is key to the company achieving its vision of Rs 100 billion of annual sales bookings by FY24-25E.
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