The Prestige Group from Bengaluru is starting its first housing project, Prestige Ocean Pearl, in Kozhikode, Kerala. It’s a big project, set to bring in around Rs 1,200 crore in revenue. They’re investing Rs 800 crore in this and planning to finish it by May 2027.
This project will have 500 fancy 3/4 BHK apartments spread across four towers with 28 floors. The prices range from Rs 1.7 to 2.5 crore. It’s a huge deal in the Beach Road area!
They’re working together with Westin Developers on this project to get a strong hold in Kerala. Prestige Group has already finished 5 million square feet in Kochi and has ongoing projects covering 2.5 million square feet, including Ocean Pearl.
According to a report by CREDAI Kerala and Cushman & Wakefield, Kerala is becoming a top real estate market in India. The Prestige Group sees Kozhikode as a good spot because it’s a big trading hub. They expect rich folks and NRIs from the Gulf to be their main buyers.
Recently, they launched Prestige Glenbrook in Bengaluru on a 4.5-acre area, expecting sales worth Rs 550 crore. They’re planning more projects in Bengaluru and eyeing areas like Whitefield, Jigani, and north Bengaluru for different types of developments.
Looking ahead, they’re also thinking of growing in the NCR region, Goa, and they plan to start their first project in Pune by FY25.
(Source: Money Control)