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Informist, Friday, Jan. 30, 2026

By Shakshi Jain and Gunjan Rajput

MUMBAI – Real estate companies have seen a sharp jump in property prices in recent years and they should not allow them to rise further, Prestige Estates Projects Ltd. Chairman and Managing Director Irfan Razack said at a post-earnings conference call with analysts Friday. He, however, did not rule out gradual increases to offset inflation.

"I personally wouldn't want the pricing to go up further and further because it will be counter-productive. The only thing would be that if price does go up, obviously it will be correcting itself against inflation," Razack said. 

Razack's comment comes at a time when property sales and price growth are moderating after a boom in the immediate years following the COVID-19 pandemic.  

For the December quarter, Prestige Estates reported a 31% year-on-year increase in average realisation for plots at INR 9,165 per square feet and 6% uptick in average realisations within the apartments and villas category at INR 14,459 per square feet. 

Razack said the company should comfortably cross pre-sales of INR 300 billion in 2025-26 (Apr-Mar), given the company's plans for the current quarter. The company launched Evergreen at Prestige Raintree Park in Bengaluru earlier this month, which, according to Razack, has received a notable response. Within the first two weeks, the project has generated sales of INR 15 billion to INR 20 billion, he said. Further, the company anticipates approvals for two projects –- Eaton Park and Fernvale –- this week or early next week. "... we should be able to get a fairly decent sell-out like this at 50-60%," Razack said. He added that Prestige Palm Court in Chennai has recently received approval. 

In Hyderabad, the company is gearing up to launch two projects – Prestige Rock Cliff and Prestige Golden Grove - in the current quarter. Overall, the company expects to launch six projects in Jan-Mar, the company management said.

Commenting on demand across markets, Razack said, "Bangalore is still pretty fizzy, very good. It's fast. Hyderabad is also fairly decent. Chennai is steady, very steady, and it's not giving instant results, but depends on which micro market, the demand is still there because of the brand itself."

For the coming financial year, Prestige expects to engage in a business development project in Pune, where it currently has no notable presence. The company is also expecting approval for an office project in Mumbai during the first quarter of FY27. On plans for the National Capital Region in FY27, Razack said, "... there is a pipeline. The teams are working on it. There is a strategy, and we have tied up some land in NCR also... We've tied up two large tracts in the Gurgaon region, which we'll fill out as we go along."

Answering a query on the reduction in the company's operating margin for the December quarter, Razack said it was due to the product mix. "If you see last quarter, we had a couple of projects where the margin was slightly higher. In the current quarter (Oct-Dec), there were a couple of projects where the margins were in the single digit," he explained.

In the December quarter, the company registered an earnings before interest, tax, depreciation, and amortisation margin of 22.47%, down from 43.59% in the trailing quarter.

Friday, shares of Prestige Estates ended 2.4% higher at INR 1,461.50 on the National Stock Exchange.  End

Edited by Saji George Titus

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