Why you should accumulate the stock of Prestige Estates
Successful conclusion of deal with Blackstone will be a catalyst The stock of Prestige Estates Projects, a Bengaluru-based realty player, has been inching up slowly since its March lows last year, thanks to favourable residential market, stable property prices and low interest rates.
The goodies doled out by the Centre for home buyers in the past year since the outbreak of Covid-19 too could benefit realty players, including Prestige. This along with the announcement in the Budget for home buyers in terms of extension of interest deductions on home loans and the Centre’s focus on affordable housing are also positives for the company.
Read more about Prestige Estate Q3 PAT skids 59% to Rs 88 cr on Business Standard. The real estate developer s consolidated net profit tanked 59.4% to Rs 87.80 crore on 31.1% decline in net sales at Rs 1,847.60 crore in Q3 December 2020 over Q3 December 2019.
Read more about Prestige Estates Projects consolidated net profit declines 63.72% in the December 2020 quarter on Business Standard. Sales decline 31.08% to Rs 1847.60 crore
Bengaluru-based Prestige Group and Awfis will jointly invest to set up these centres and also share revenues. These six centres, spread over 2 lakh square feet area, will come up at Prestige Group s commercial properties in the three cities. The total investment in setting up these six centre is around Rs 40 crore. Both the partners are investing, Awfis founder and CEO Amit Ramani told PTI. He said all these centres will be operational between April and July this year. Ramani said the company will target not just startups and SMEs but also mid- and large-sized corporations looking to decentralise their workplaces amidst the new normal.