Prestige Estates Projects Ltd has around Rs 650 billion (bn) of unrecognised revenue on its books, the company reported through its chairman. The sum has swelled on the back of strong housing sales over the past three financial years and record booking values in 2025-26. The company follows the completion method for revenue recognition and the chairman said it is in discussion with auditors to move to the percentage of completion method. He attributed the accumulation to robust demand and the accounting approach rather than any billing anomaly. Prestige Estates achieved record sales bookings of Rs 300.24 bn in 2025-26, up 76 per cent from the preceding year. The chairman expressed a hopeful outlook for the current fiscal, anticipating that sales bookings and new launches will be better than in 2025-26 as housing demand remains resilient despite global uncertainties. Management is targeting Rs 350-360 bn of sales bookings or pre-sales for 2026-27. The booking momentum in 2025-26 was driven largely by housing segments across its major markets. The company has a launch pipeline of around Rs 580 bn for the current fiscal across major cities, with actual commencements to be governed by government approvals. In the last fiscal, Prestige launched 32 million (mn) sq ft of area with sales bookings potential of Rs 273.5 bn. The pipeline figure reflects projects at different stages of approvals and planning. How many projects are ultimately launched will depend on timing of clearances and market appetite. Prestige Estates reported that net profit more than doubled to Rs 11.955 bn in 2025-26 from Rs 4.675 bn in 2024-25, while total income rose to Rs 131.955 bn from Rs 77.355 bn in the preceding year. Bengaluru-based Prestige Estates is one of the leading real estate developers in the country and has delivered 313 projects spanning 206 million (mn) sq ft. The group has a pipeline of 128 projects across 195 million (mn) sq ft and develops housing, commercial and hospitality projects. The scale of the backlog of unrecognised revenue and the stated intention to consider a percentage of completion basis will be closely watched by investors and auditors.