Bengaluru-based real estate firm, Prestige Estates Projects Ltd, is set to launch a slew of housing projects in major Indian cities including Delhi-NCR, Bengaluru, Hyderabad, Chennai, Mumbai, and Goa. This expansion is part of their strategic plan to capitalize on the strong demand in the housing market and to leverage their brand’s strength.
Irfan Razack, Chairman and Managing Director of Prestige Group, made this announcement during the 21st CREDAI Natcon (The Confederation of Real Estate Developers Association of India’s National Convention) held in Sharm El-Sheikh, Egypt. In his statement, Razack also unveiled their intentions to enter the senior living segment.
One notable project in the pipeline is a luxury housing development in Central Delhi, a partnership between Prestige Group and Delhi-based company TDI. The company is also actively seeking additional land in the Delhi-NCR region for more housing projects.
Additionally, Prestige Group is involved in a significant joint development agreement in KG Marg, Delhi, with an initial payment to Indiabulls to clear some debt. The company is working on developing this luxury high-end development and aims to launch it within the current fiscal year.
In Delhi’s Aerocity, the company has embarked on a commercial project that will encompass two prominent hotels, the Marriott Marquis and St. Regis, expected to be completed by 2025-26.
Prestige Group is also partnering with ACE Group to launch a mid-income housing project in Noida’s Sector 150, pending approval. This project has faced delays, partly due to the ongoing sports city issue in the area.
In Goa, Prestige Group is in the final stages of Prestige Ocean Towers, which primarily features villas. They are also planning to launch a project in Morjim, with a 75-acre plot, which will include a hotel and Marriott-managed residences.
Mr. Razack noted that the demand for housing products remains strong across India, and the company intends to capitalize on this by expanding their projects in key metros.
Prestige Group boasts a robust pipeline of housing projects in Hyderabad, Mumbai, and Chennai. This includes the Prestige City project in Mulund, Mumbai, and Prestige City in Hyderabad. Additionally, they are involved in various developments in Bengaluru, including plotted developments and residential apartments.
With a presence in more than 12 major locations across India, Prestige Group has completed 285 projects, spanning 170 million square feet, and currently has 54 ongoing projects across various segments, totaling 75 million square feet.
The company’s interest in the senior living segment reflects the growing need to cater to the elderly population in India. They are currently working on a pilot project in Bengaluru and plan to replicate it in other cities upon its success.
Prestige Group’s diversified portfolio includes residential, office, retail, hospitality, property management, and warehousing. They recently opened Forum Kochi, a new mall in Kochi, and completed an office building in Hyderabad’s Prestige Hi-Tech City.
In the retail sector, Prestige Group is working on expanding its footprint with projects in various Indian cities, including Hyderabad, Chennai, and Bengaluru.
The company’s focus remains primarily on the Indian market, and they have no immediate plans for overseas projects. Prestige Group also evaluates and takes over stuck projects cautiously, ensuring the satisfaction of existing customers and project delivery.
Mr. Razack emphasized that affordable housing continues to be a vital segment due to its potential to drive volumes. The company is keen on serving a diverse customer base and recognizes the importance of the affordable and mid-income housing sectors.
The demand from Non-Resident Indians (NRIs) for Prestige Group’s properties remains robust, partly due to favorable exchange rates.
Lastly, Mr. Razack mentioned that the Real Estate Regulatory Act (RERA) has boosted confidence among homebuyers and led to increased demand in the real estate sector. He also highlighted the importance of addressing infrastructure and approval challenges to reduce costs and make housing more affordable.