Prestige Group targets ₹1,100 crore from new housing project in Bengaluru

Real estate major Prestige Group has launched a residential project in East Bengaluru’s Whitefield area with a sales potential of ₹1,100 crore, the company said in a statement.

The project - Prestige Pine Forest - will comprise a total of 316 units spread across four towers on a 9 acre stretch of land, the statement said. It will offer home units of 3 and 4 BHK configurations ranging between 2,442 - 3,556 square feet in size.

“We are delighted to unveil Prestige Group’s latest architectural marvel that exemplifies our commitment to luxury, comfort, and convenience. This project redefines the benchmark for quality and craftsmanship and is a testament to our relentless commitment to delivering experiences,” said Praveer Shrivastava, Senior Executive VP- Residential, Prestige Group.

Also Read: Prestige Estates plans to launch 43 real estate projects across segments in seven cities

In the April-June quarter, the company had launched two residential projects in Bengaluru, covering a total developable area of 1.86 million square feet, with a combined gross development value of around ₹1,400 crore.

Business performance

Prestige Estates reported a consolidated net profit of ₹307 crore in the first quarter of FY25, down 3.4% from the same period last year. The realty firm’s revenue from operations stood at ₹1,862.1 crore during the three-month period against ₹1,680.9 crore in the corresponding quarter last year.

Also Read: Prestige Group buys 4.57 acres in Pune for ₹200.20 crore

Company CMD Irfan Razack announced a robust sales performance across key regions like Bengaluru (43%), Hyderabad (32%), and Mumbai (23%).

A total of 1,364 units were sold during the first quarter of FY25. The total sales volume stood at 2.86 million square feet, a decrease from 3.83 million square feet in Q1 FY24, the company said in its regulatory filing.

Also Read: Prestige Estates Q1 sale bookings fall 23% to ₹3,029 crore due to delay in new launches

Prestige Estates is present across 13 cities with a footprint of 190 million square feet. It undertakes residential, office, retail, hospitality and warehouse projects.