Shares of South India’s leading real estate developer Prestige Estates are up 4.4% at Rs. 278 per share, after receding from day’s high of Rs. 287 on NSE. Company has pre-launched two large residential projects in Hyderabad aggregating 6.77 million sq. ft. of total developable area with projected sales of over Rs. 2,700 crore.  

While first project, Prestige High Fields, is located in Papalaguda with total developable area of 5.8 million square feet across 21.85 acres of land comprising of 10 towers with 2660 flats, it has projected project sales in excess of Rs.2,250 crore. Second project named Prestige Ivy League, located at Kondapur, Hitech City, has total developable area of 0.97 million square feet across 5 acres of land comprising 3 towers with 349 flats and has projected sales in excess of Rs. 460 crore. These residential projects targeting upper middle class in a growing city of Hyderabad are likely to be well-received.

Prestige, a well know name in South Indian cities of Bengaluru, Mysore, Mangaluru, Chennai, Kochi, Hyderabad, Ooty and Goa, clocked sales of 610 crore in Q3FY15 with PAT of Rs. 99.52 crore. Due to very low retail float of just 1.66% (70% held by promoters, 22% by FIIs and 6% by DIIs), share price reacts sharply to any new launch news.