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Realty firm <keyword id="368714" type="General" weightage="100" keywordseo="prestige-estates" source="Orion">Prestige Estates</keyword> on Wednesday said its sales bookings rose by 25 per cent to a record ₹12,930.9 crore in the last fiscal year on strong housing demand. In a regulatory filing, the Bengaluru-based firm said, "During the fiscal year FY23, the group registered record-breaking highest sales of ₹12,930.9 crore (up by 25 per cent year-on-year) and highest ever collections of ₹9,805.5 crore (up by 31 per cent y-o-y)." Sales bookings stood at 15.09 million square feet with an average realization of ₹8,812 per sq ft (up by 17 per cent year-on-year) for apartments/ villas/ commercial sales and an average realization of ₹4,124 per square feet (down 2 per cent y-o-y) for plot sales. The group sold more than 9,600 homes in FY23 spanning over 15 million square feet area. During the last fiscal, the new launches totalled 26.38 million square feet up by 57 per cent annually. The total completions during the last fiscal year stood at 15.68 million square feet, up by 10 per cent year-on-year. During the fourth quarter of the last fiscal, <keyword id="36786" type="General" weightage="20" keywordseo="Prestige" source="Orion">Prestige</keyword> Estates registered sales of ₹3,888.8 crore, up 19 per cent year-on-year and the highest-ever quarterly collections of ₹2,763.3 crore, up by 12 per cent year-on-year. It sold 4 million square feet area with an average realization of ₹9,761 per square foot (up by 26% yoy) for apartments/villas/commercial sales and average realization of ₹4,508 per square foot (up by 44 per cent yoy) for plot sales. <keyword id="74657" type="General" weightage="80" keywordseo="irfan-razack" source="Orion">Irfan Razack</keyword>, Chairman and Managing Director, <keyword id="217617" type="General" weightage="80" keywordseo="prestige-group" source="Orion">Prestige Group</keyword> said, "The company has achieved significant growth in the past year- with sales, collections, launches, and completions far surpassing the previous year's level." The success in the past year has been driven by its commitment to delivering high-quality projects and exceptional service to clients, he added. "We have been dedicated to expanding our property portfolio while maintaining a healthy balance of launches and completions. We are well-positioned to continue our upward trajectory, and we have set ambitious objectives for the next three years. "Our aim is to double our sales during this time, and we are confident that we have the right team and strategy in place to achieve this goal," Razack said. Venkat K Narayana, Chief Executive Officer, Prestige Group said, "We achieved a record-breaking highest sale of ₹12,930 crore, which is a remarkable increase of 25 per cent compared to the previous year's (high base) sales of ₹10,382 crore." <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> contributed about ₹2,700 crore to the total sales in the last fiscal, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-equity-markets-fall-for-third-consecutive-day-on-selling-in-it-banking-stocks/articleshow/99613243.cms">Indian equity markets fall for third consecutive day on selling in IT, banking stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mos-utility-whose-shares-are-up-30-from-issue-price-a-day-after-market-debut/slidelist/99611013.cms">All about MOS Utility whose shares are up 30 percent from issue price a day after debut</a>

Prestige Estates clocks record sales bookings of ₹12,930 crore in FY23, up 25% annually

New Delhi, Jan 27 () Realty firm Prestige Estates Projects Ltd has reported over two-fold jump in consolidated net profit at Rs 161.8 crore for December quarter and raised Rs 437 crore through preferential allotment of shares to Singapore sovereign wealth fund GIC.
Its net profit stood at Rs 58.1 crore in the year-ago period.
Total income from operations also rose sharply to Rs 2,696.3 crore during October-December of 2019-20 from Rs 1,079 crore in the corresponding period of the previous year, Bengaluru-based developer said in a regulatory filing.
 The board of directors has allotted 1,34,41,654 equity shares of Rs 10 each to an investor, on a preferential allotment basis, at a price of Rs 325 per equity share.
Last month, the board had approved "issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22" on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC.
Prestige group announced development of 250 projects across India with completion of seven projects, including three housing and four commercial, across Bengaluru. The company last week launched a new township project Prestige Finsbury Park. 
"2020 has begun on an extremely positive note for us at Prestige Group as we announce the completion of 7 developments across Bengaluru. With these newly completed developments, we will have 250 landmark structures across India that stand as a testimony to our work," said Irfan Razack - CMD, Prestige Group.
 "On a macro-level, this year, I expect to see greater optimism and trust in Indian real estate. And, of course, substantial growth, especially in the affordable and mid-income housing segments, courtesy the decline in home loan interest rates and the 'Housing for All by 2022' initiative," he said in a statement.
Razack, former chairman of realtors' body CREDAI, asked the industry to adopt a more positive outlook, implement realistic pricing, foster greater trust, and tap into the amazing opportunities this year.
Prestige Group has diversified business models across the residential, office, retail, and hospitality segments with operations in 12 key locations in India. The group has 45 ongoing projects across segments, with total developable area of 49 million sq ft. Further, it has 66 million sq ft under planning and holds a land bank with potential developable area of over 29 million sq ft. 
The consolidated turnover of the company during FY2018-19 was Rs 5,284 crore. MJH MJH RUJ
RUJ

Prestige Estates Q3 profit jumps over two-fold to Rs 162 cr

<ul><li><keyword id="6662518" type="UNKNOWN" weightage="20" keywordseo="Phoenix-Mills-share-price">Phoenix mills share price</keyword> was up by 6.25% in early trade as the markets cheered the opening of malls from June 8.</li><li>Bengaluru-based Brigade enterprises, which runs three malls in the city, had also waived off 50% of the rental during lockdown. Its shares too were trading with a 2.16% jump. </li><li>Malls are getting ready to reopen for business. The government has also given them SOPs to follow while reopening.</li></ul>The market is cheering the government’s move to reopen malls and shopping centres from June 8 triggering a rally in stocks like Prestige Estates, Phoenix Mills and Brigade Enterprises that own and operate <keyword id="89358" type="PERSON" weightage="20" keywordseo="shopping-malls">shopping malls</keyword> in some of India’s biggest cities. The shares of Phoenix mills, one of India’s largest owners of shopping malls in India, rallied nearly 20% cheering the government approval However, the rally cooled off to about 6.25% after the management told a television channel that it will defer the rentals for retailers who have shops in its malls. <div type="image" title="phoenix ." msid="76211227" hostid="261"></div> Meanwhile, Bengaluru-based Brigade enterprises, which runs three malls in the city, had also waived off 50% of the rental during lockdown. Its shares too were trading with a 2.16% jump. <div type="image" title="Brigade." msid="76211290" hostid="261"></div> Prestige Estates too saw its shares trading at a 2.78% jump. Prestige runs eight malls in six cities across Bengaluru, Mangaluru, Chennai, Hyderabad, Mysuru and Udaipur with over 3 million sq. ft. retail space. <div type="image" title="prestige new." msid="76211341" hostid="261"></div> Shopping malls across the country have been shut even before the coronavirus lockdown took place. In March and April, shopping malls lost ₹90,000 crore according to the Shopping Centre Association of India (SCAI). But come June 8, malls are getting ready with vigour to reopen for business. The government has also given them <a href="https://www.businessinsider.in/india/news/checkout-coronavirus-unlock-1-new-guidelines-for-indias-malls-offices-religious-places-and-hotels/articleshow/76208201.cms">SOPs</a> to follow while reopening. In a seminar organised by SCAI, mall owners had said that while the next 90-120 days will be about ‘recovery, reimagine and re-energise the business model’, the broader idea is to focus on regrowth by Diwali by when the experts anticipate 80-100% consumers returning. “We are in a phase, till the vaccine comes in for Covid, we will have to take the necessary precaution. Health and safety is of prime importance. We are not throwing caution to the wind and saying why have you locked us up when others are operational. The narrative is life has to go on, people have to live, they have to have some sort of an outlet/go somewhere,” said Irfan Razack, Chairman, and Managing Director, Prestige Group, which runs the Forum Mall chain in southern India. SEE ALSO: <a href="https://www.businessinsider.in/business/news/from-softbank-to-googles-waymo-all-you-need-to-know-about-reliance-jios-latest-investor-mubadala-investment-company/articleshow/76207469.cms">From SoftBank to Google's Waymo – all you need to know about Reliance Jio's latest investor Mubadala's investments</a> <a href="https://www.businessinsider.in/thelife/personalities/news/biocons-kiran-mazumdar-shaw-who-debuted-in-the-pharma-industry-with-two-employees-and-500-becomes-ey-world-entrepreneur-of-the-year-2020/articleshow/76208199.cms">Biocon’s Kiran Mazumdar Shaw, who debuted in the pharma industry with two employees and $500 becomes EY World Entrepreneur of the Year 2020</a> <a href="https://www.businessinsider.in/policy/economy/news/inside-indias-50000-crore-scheme-to-woo-electronics-manufacturing-including-smartphones/articleshow/76207462.cms">Inside India’s ₹50,000 crore scheme to woo electronics manufacturing including smartphones</a>

Phoenix Mills defers rentals for retailers as investors cheer the reopening of malls

<ul><li>Malls in India continue to stay shut even in <keyword id="9124806" type="UNKNOWN" weightage="20" keywordseo="Lockdown-3-0">Lockdown 3.0</keyword>, which is drilling a deep hole into the pockets of retailers and owners. </li><li>In a recent online session by the Shopping Center Association of India (SCAI), industry leaders called for malls to reopen in at least green zones.</li><li>Experts suggested that malls should open up but in a measured manner and with precautions – food courts can have alternate seating tables, coffee shops should open with half occupancy etc. </li></ul>With Lockdown 3.0, there have been multiple relaxations by the Indian government but shopping malls continue to stay shut. In fact, malls were one of the first places to be asked to shut down much before the lockdown started. According to real estate consulting firm <keyword id="4695749" type="PERSON" weightage="20" keywordseo="anarock">ANAROCK</keyword>, India’s top eight cities have 126 malls and “even short-term closures will have significant financial implications.” But those in the business have more worries than just the lockdown ⁠— no revenue, no reprieve from costs, and no one to lend money. <div type="Article" hostid="261" msid="75563778" title="A film producer, a critic, and analysts explain an existential threat to Indian movie makers" mstype="2" mssubtype="0"></div> Here’s list of demands that shopping malls have put forward: In a recent online session by the Shopping Center Association of India (SCAI), industry leaders called for malls to reopen in <a href="https://www.businessinsider.in/india/news/checkout-the-list-of-red-zones-and-containment-areas-in-pune-maharashtra/articleshow/75532656.cms">at least green zones</a>. Banks aren’t helping. Dalip Sehgal, CEO, Nexus Malls said that this phase is about survival, the next phase will be about recovery and after that will come regrowth. “As far as the government is concerned, the writing is very clearly on the wall. According to a report, currently the NPA in the country is ₹9.3 lakh crore and in the next few months that’s going to double to ₹20 lakh crore, our industry is in an equally vulnerable position. The first thing that the banking sector needs to do is relocate <a href="https://www.businessinsider.in/business/news/rbi-measures-for-nbfcs-unlikely-to-boost-credit-flow-to-broader-economy-moodys/articleshow/75231837.cms">the moratorium that RBI gave</a>. Secondly, there’s a 9% interest there, even while the repo rate is at 4%. So, where is the benefit that’s being passed on to borrowers?” Sehgal added that insurance is the other big thing, which should be applicable now for retailers. Citing an example from the US, he said that the biggest boost for retail is that they are trying to get business recovery from the insurance companies saying ‘we stumbled not because of our own fault but because there was a global issue. If insurance doesn’t cover that then what else is insurance meant for?’ “Next comes the property tax, we need a one year moratorium on it. Electricity, which is another big cost for us, in some states we have got concessions but in a large number of states we are still working with the archaic system of having a minimum billing amount,” said Sehgal. A ‘measured’ return While the next 90-120 days will be about ‘recovery, reimagine and re-energise the business model’, the broader idea is to focus on regrowth by Diwali by when the experts anticipate 80-100% consumers returning. “We are in a phase, till the vaccine comes in for Covid, we will have to take the necessary precaution. Health and safety is of prime importance. We are not throwing caution to the wind and saying why have you locked us up when others are operational. The narrative is life has to go on, people have to live, they have to have some sort of an outlet/go somewhere,” said Irfan Razack, Chairman, and Managing Director, Prestige Group, which runs the Forum Mall chain in southern India. He suggested that malls should open up but in a measured manner and with precautions – food courts can have alternate seating tables, coffee shops should open with half occupancy etc. “Obviously, we won’t open with 0 to 100 in a day,” Arjun Sharma, Chairman, Select Group, which runs the Select City walk in Delhi, agreed. Reopening is just the start Even if malls were allowed to reopen soon, consumers might be wary of going out shopping right now. There have been job cuts and pay cuts across the country, which will restrict spending. The Retailers Association of India has <a href="https://www.livemint.com/industry/retail/retail-industry-may-take-9-12-months-to-overcome-covid-19-impact-rai-11586183105126.html">said</a> that the industry will take almost a year to recover. Harshavardhan Neotia, Chairman, Ambuja Neotia Group said that this will remain a challenge for malls. “However, the challenge with opening the malls is more than just getting it open. Food and shopping are both contact activities. Fear, money and the psychological aspect of wanting to spend will be the three challenges,” he said. See Also: <a href="https://www.businessinsider.in/policy/economy/news/geopolitics-experts-list-out-four-areas-where-india-must-invest-in-to-lead-in-the-post-covid-world/articleshow/75568174.cms">Geopolitics experts list out four areas where India must invest in to lead in the post-COVID world</a> <a href="https://www.businessinsider.in/international/news/facebook-google-apple-and-microsoft-paid-h1-b-workers-below-market-wages-says-a-new-report/articleshow/75567713.cms">Facebook, Google, Apple and Microsoft paid H1-B workers below market wages, says a new report</a>

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Prestige Estates clocks record sales bookings of ₹12,930 crore in FY23, up 25% annually

PTI

Prestige Estates Q3 profit jumps over two-fold to Rs 162 cr

PTI

Phoenix Mills defers rentals for retailers as investors cheer the reopening of malls

Sanchita Dash

Fear and loathing in shopping malls⁠ — the owners call for help in the fight for survival from the coronavirus crash

Sanchita Dash

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