Prestige Estates Projects reported residential pre-sales of ₹6,579 crore in Q1 FY27, representing a 45.74% decline from the previous year's strong base of ₹12,126 crore in Q1 FY26. The company's sales volume stood at 6.04 million square feet, down 36.75% year-on-year, with units sold decreasing to 3,337 units compared to 4,718 units in Q1 FY26. Despite the decline, customer collections showed resilience at ₹4,802.2 crore, up 6.2% year-on-year from ₹4,522.7 crore in the same period last year. The average realisations stood at ₹11,193 per square foot for apartments and ₹8,043 per square foot for plotted developments, with the average realisations primarily reflecting the geographical mix of sales.
Prestige Estates Projects launched four projects during the April-June quarter with a combined developable area of 20.16 million square feet, as announced in its latest operational update. Out of these four projects, three are residential properties located in Hyderabad, Bengaluru and Mumbai, while one commercial project with a developable area of 3 million sq ft is in Bengaluru. The company has set an ambitious target to achieve ₹35,000-36,000 crore of sales bookings during the 2026-27 fiscal, building on its record performance of ₹30,024 crore achieved in FY26. Chairman and Managing Director Irfan Razack emphasized the company's strategic approach, stating that "We do not touch land just to buy it and keep it because that I believe is a drag on the balance sheet. We like to convert whatever we do as quickly as possible, bring it to the market and also get into the revenue." The company's turnaround from acquiring land to launching a project takes nine months at the company's most aggressive course, and no more than 15-18 months even in ordinary circumstances.
Hyderabad emerged as the largest contributor to Prestige's quarterly sales, accounting for 49% of total sales, largely driven by the successful launch of Prestige Golden Grove. Bengaluru contributed 27%, Mumbai 12%, NCR 7%, and other markets 5% of the total sales contribution. The company's Q1 FY27 performance was significantly impacted by the strong year-ago base, which had been boosted by a robust response to its maiden project in the National Capital Region (NCR). The average realisations for the quarter primarily reflected the geographical mix, with Hyderabad accounting for nearly half of quarterly sales following the successful launch of Prestige Golden Grove. Looking ahead, the company has an exciting lineup of marquee launches across Mumbai, NCR, Bengaluru and Chennai during the festive season, which is expected to further strengthen growth momentum.
The company's commercial portfolio saw gross leasing of 1.5 million square feet, with exit rentals of ₹756 crore as of June 2026. On the retail side, mall gross turnover rose 18% year-on-year to ₹737 crore, supported by 5.2 million footfalls during the quarter. Exit rentals from malls stood at ₹277.6 crore. The hospitality business delivered healthy operating performance during the quarter, recording competitive average room rates (ARRs) and strong occupancy levels, supported by continued growth in business and leisure travel demand. The company noted that its hospitality business delivered a healthy operating performance during the quarter, recording competitive average room rates and strong occupancy levels, supported by continued growth in business and leisure travel demand.
Irfan Razack, chairman and managing director, Prestige Group expressed satisfaction with the strong start to FY27, highlighting the excellent response to Prestige Golden Grove in Hyderabad. Looking ahead, the company has an exciting lineup of marquee launches across Mumbai, NCR, Bengaluru and Chennai during the festive season, which is expected to further strengthen growth momentum. Supported by healthy collections and resilient performance across annuity businesses, the company remains confident of delivering stellar performance for the year. Prestige Group is one of India's leading and most diversified real estate developers, having delivered 316 projects spanning 212 million square feet as of March 2026, with a current pipeline of 135 projects across 227 million square feet.
