Prestige Estates Projects Limited saw its shares decline by 3% after the company reported a significant drop in sales for the second quarter of FY25. As of 9:48 am, the stock was trading 2.59% lower at ₹1,747.15 on the NSE.
In a regulatory filing, Prestige Estates disclosed that its sales bookings fell by 43% year-on-year (YoY) to ₹4,022.6 crore in the July-September quarter. This is a sharp decline from ₹7,092.6 crore recorded in the same period last year. The company attributed the drop to various market challenges despite strong demand in the housing segment.
For the half-year period ending September, the total sales bookings stood at ₹7,052.2 crore, a decrease from ₹11,007.3 crore in the corresponding period of the previous fiscal year.
Prestige Estates, one of the leading real estate developers in India, continues to face pressure as its sales volume also dropped by 56% year-on-year in Q2, reflecting the hurdles faced by the real estate sector.
The company is expected to address these challenges in the coming quarters as it navigates through a changing market environment.
