The Bangalore-based Prestige Group put its third quarter (2023) sale at Rs. 90,421 million. However, it put the total collections so far at Rs.70,422 million. During the same period, the developer sold plots in Mamidipalli near Shamshabad Airport in Hyderabad. The flats were sold in Mamidipalli as part of a pre-launch offer. It sold flats in Clairmont project in Kokapet near Hyderabad prior to RERA coming into force. Whether the latest statement of receipts included the collections related to the pre-launch sales or not is the million-dollar question. But, the income statement did not reveal this. The question is whether the Prestige Estates sold flats only in Hyderabad market or in other cities too as part of pre-launch offers?
* In 2023 third quarter, it announced seven projects in Calicut, Mumbai and Bangalore. Six projects titled Prestige Jindal City, Willow Tree, Tech Park 4, Tech Park Adobe, Hillside Gateway and Cyber Green have been completed. The developer revealed that projects with a total plinth area of 21.12 million square feet of new projects were launched in the first nine months of 2023. It said that projects with a total plinth area of 14.40 million square feet were completed.But the developer did not disclose whether it took into consideration the pre-launch sale of plots and flats in Hyderabad in preparing its financial statement. The developer which started projects in other cities with the RERA permission did not follow the same practice in Hyderabad. Experts comment that the Prestige Group sold plots and flats in Hyderabad in pre-launch offers because the RERA authority is not strict here.
