Prestige Estates expects Rs 550 crore revenue from new residential project in Bengaluru

Real estate company Prestige Estates Projects Ltd anticipates generating Rs 550 crore in revenue from its latest residential venture, 'Prestige Glenbrook,' situated in the central hub of Whitefield, Bengaluru's IT district. 

The project, encompassing 285 apartments spread across two high-rise towers with a total developable area of 0.7 million square feet, holds crucial revenue potential, according to a regulatory filing by Prestige.

The firm is optimistic about achieving a 55 per cent surge in sales bookings for the current fiscal year worth reaching a record-breaking Rs 20,000 crore. In the first half of the fiscal year, pre-sales reached approximately Rs 11,000 crore. 

Despite initially aiming for Rs 16,000 crore in total sales for 2023-24, the company is confident in surpassing the Rs 20,000 crore mark once all necessary approvals are secured and new projects are launched.

Prestige Estates, a prominent player in the real estate sector, has diversified its business operations across residential, office, retail, hospitality, property management, and warehouses. 

With a presence in over 12 major Indian locations, the company has completed 285 projects covering a developable area of 170 million square feet, along with 54 ongoing projects spanning 75 million square feet.

Additionally, plans for 48 upcoming projects, covering 99 million square feet, are in the pipeline. The company also holds a substantial land bank, exceeding 700 acres.