During Q1 FY23, the Group has registered sales of Rs 3,012.1 crore, of which the Mumbai region has contributed Rs 737.8 crore. The sales have come from 3.63 million square feet volume with an average realization of Rs 8,298 per square feet.

The company's collections surged 110% to Rs 2,146.4 crore in Q1 FY23 from Rs 1,022.3 crore posted in the corresponding quarter previous year.

During the quarter, 4 projects were launched spanning 9.67 million square feet, viz Prestige Tech Forest, Prestige Waterfront, Meridian Park Phase II in The Prestige City in Bangalore; and Prestige Bellanza in The Prestige City, Mumbai. Three projects totalling 0.78 million square feet - Prestige Poseidon Annexe, Prestige Woodland Park and Prestige Metropolitan were completed during the quarter.

Commenting on the performance, Irfan Razack, chairman and managing director of Prestige Group said, "We are delighted as we review the robust performance of the yet another quarter. We are happy to see the contribution of our newly launched projects in Mumbai to our overall numbers and are optimistic about the increasing value they will be adding in the upcoming quarters. We are also excited for the new launches lined up for the next few quarters and are all set to introduce some fantastic projects across various geographies and segments."

Venkat K Narayana, chief executive officer of Prestige Group remarked, “Despite the interest rate hikes and the mixed macroeconomic sentiments, we have clocked 3 times the sales of Q1 FY22. It is exhilarating to see the warm response received, especially in Mumbai. We hope to keep up this momentum and have ~15 million square feet of launches planned for the next few quarters across Bangalore, Mumbai, NCR, Hyderabad and Chennai.”

Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.

The real estate developer's consolidated net profit slumped 64.7% to Rs 939.30 crore on 6.9% rise in net sales to Rs 2,400.30 crore in Q1 FY23 over Q1 FY22.