India's Prestige Estates rises to near two-month high after robust early sales

Prestige Estates Projects

21/04/2026 10:45

** India's Prestige Estates Projects PREG.NS rises 2.3% to nearly a two-month high of 1,405 rupees

** Co's Golden Groves property in Hyderabad clocks 25 billion Indian rupees  ($267.28 million) in early sales

** Real-estate developer launched the project just about two weeks ago, and robust early traction underscores demand for luxury residential real-estate in India

** RBI's rate cuts and the Indian government's tax cuts in October have helped boost consumption

** Stock trades at a premium compared to peers, with forward 12-month price-to-earnings at 33.14, vs industry average at 21.52 - LSEG data

** Out of 20 analysts tracking stock, 18 rate "buy" or higher, while two rate "hold" or lower - LSEG-compiled data

** Nifty realty index .NIFTYREAL nears two-month highs; down 9% year-to-date

** YTD, Prestige down 11.9%

($1 = 93.5363 Indian rupees)

 (Reporting by Pranav Kashyap)

 ((pranav.kashyap@tr.com; +919886482111;))