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Prestige Group

06 July, 2020, 10:55 AM IST

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PRESTIGE GROUP

Prestige group's FY20 sales bookings flat at Rs 4,560 crore

The company had given a guidance of sales bookings between Rs 5,000 crore and Rs 6,000 crore for the financial year 2019-20, but it fell short of achieving it due to economic slowdown and the outbreak of the coronavirus pandemic during the fourth quarter.

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    Some large developers like Godrej Properties, Total Environment Building Systems and Prestige Group have launched digital site tours, email document confirmations and verifications and even features that lead to online closure of deals.

    The impact of Covid-19 outbreak globally may prove to be a key challenge for planned and proposed fundraising exercises through Real Estate Investment Trusts (REITs) which are expected to be either delayed or put on hold until the situation improves.

    We expect to witness the ripple effects of COVID-19 across socio-economic sectors for at least another year. However, we hope to begin the journey towards recovery by June 2020 – provided India manages to flatten the coronavirus curve, Sadiq said

    Before the global pandemic hit, the Indian hospitality industry along with tourism was one of the key segments driving the growth of the services sector in the Indian economy. And while COVID-19 and the resultant lockdown brought things to a standstill for a while, the hospitality industry is taking stock and reinventing themselves to successfully revive the sector.

    The pandemic is changing the world as we know it. The lockdown and social distancing norms are likely to have changed customer preferences. Businesses that are able to come up with innovative solutions to offer the right customer experience will be in a position to seize the opportunity, Sadiq said.

    This is the second transaction between Prestige and DB Realty. Last month, the Bengaluru- headquartered firm had entered in to a joint venture with DB Realty to develop a hospitality-led mixed use project spread over 7.7 acres land parcel in Delhi’s Aerocity. The Bandra located property is valuedat about Rs 2,100 crore.

    Global private equity players with large portfolio of Indian office space and their local real estate partners are unlikely to heed to a growing chorus of companies and retailers asking for invocation of 'force majeure' clauses after the coronavirus pandemic disrupted economic activity.

    A senior official of an infrastructure company said the shortage of workers is forcing companies to resort to poaching by luring them with lucrative offers. The senior vice-president of Prestige Group (business operations-Hyderabad) R Suresh Kumar told that one of their contractors has booked flight tickets to bring back 10 carpenters from Patna to Hyderabad.

    “We have reached a critical level in our focused markets but will continue to expand. Puravankara has identified Pune and Mumbai as the top 5-6 core cities that will be growth accelerators for the company across India,” said Abhishek Kapoor, COOresidential, Puravankara, adding, “Going ahead, Bengaluru, Hyderabad, Chennai, Mumbai and Pune will be our focus markets.”

    Realty firm Prestige Estates Projects plans to focus on mid-income and affordable housing projects, the segment that has been driving demand for residential units in India.

    Here are the top stocks that are likely to be in focus in today's trading.Stocks in news: Tata Motors, GMR Infra and Prestige Estates

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