Prestige Group Aims for Rs 16,000 Crore in Residential Sales in FY24

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    Bengaluru-based real estate developer, the Prestige Group, has set ambitious targets for the fiscal year 2024, with plans to launch approximately 18 million square feet (msf) of residential properties, anticipating sales worth more than Rs 16,000 crore. Venkat K Narayana, the Chief Executive Officer, shared insights into the expansion strategy, stating that the forthcoming launches would encompass prominent cities such as Bengaluru, Hyderabad, Mumbai, Chennai, and Kochi. Moreover, the company is poised to enter the National Capital Region (NCR) by Q4 of this year or early FY25.

    In a bid to bolster their presence in Bengaluru, the Prestige Group is committed to developing over 10 msf of properties this year, compared to the 8 msf they completed last year. The focus areas for this expansion include Whitefield and Varthur in the east, as well as Electronic City in the south.

    Narayana noted that more than 70 percent of the upcoming residential projects in Bengaluru would fall within the mid-segment, featuring a ticket size ranging from Rs 1.5 to 2 crore. Additionally, the company intends to introduce more than 450 operational villas in Bengaluru in the fourth quarter of this year, targeting a higher ticket size of over Rs 3 crore.

    Highlighting their robust pipeline, Prestige Group disclosed an investment of about Rs 1,200 crore in residential construction and Rs 350 crore in office spaces during the first quarter of FY24. Looking ahead to FY25, the company envisions launching over 20 msf of residential properties by adding new locations to their portfolio, building on the 16.46 msf launched in FY23.

    In Hyderabad, their third-largest market after Bengaluru and Mumbai, Prestige Group has plans for around 6.64 msf of residential developments in FY24. The company recently unveiled its largest township in Hyderabad, comprising approximately 5,000 units. The average ticket size for apartments in Hyderabad will range from Rs 1.8 to 2.5 crore. Moreover, Prestige Group intends to launch over 4,000 apartments and 1 msf of mall space in the city.

    Currently, the company has a total of 174 msf in ongoing or upcoming projects across various segments. Of this, 99 msf is ongoing, with 76 msf dedicated to residential projects, 15 msf to office spaces, and the remainder allocated to hospitality and retail.

    Prestige Group’s future plans involve launching more than 20 msf of office space in Bengaluru within the next two to three years. They have already introduced four office parks in Bengaluru, with one more slated for launch in the east of the city.

    Narayana outlined an investment strategy, mentioning that they will invest approximately Rs 5,000 crore in the commercial segment over the next 3-4 years, with an eye on generating rental income of Rs 3,000 crore. Key areas of focus for office developments include north Bengaluru, Outer Ring Road, and Whitefield in Bengaluru, as well as Bandra Kurla Complex and Mahalakshmi in Mumbai.

    The Prestige Group has committed Rs 16,079 crore towards ongoing and upcoming commercial projects, with a substantial portion dedicated to ongoing initiatives.

    Furthermore, the company has ambitious plans to launch three malls in Bengaluru in the upcoming financial year. They have a total of 8 msf of mall space under construction, slated for launch across Bengaluru, Chennai, and Hyderabad within the second quarter of FY25.

    Also read: South India-Based Prestige Estate Set To Enter NCR Real Estate Market

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