The Prestige Group, known for its commercial endeavors in Pune, eyes a strategic foray into the city’s residential real estate arena in 2024. Tariq Ahmed, CEO overseeing the company’s operations in western India, unveiled intentions to introduce 1 million square feet of residential units, projecting revenues between Rs 750 crore to Rs 1,000 crore.
Expanding Horizons: Mumbai’s Lucrative Prospects
In parallel, the Bengaluru-based developer aims to unfurl 3 million square feet of property in Mumbai, forecasting substantial revenues totaling Rs 15,000 crore in the forthcoming year, as disclosed by Ahmed.
Targeted Approach in Pune and Mumbai
While Pune’s focus will center on areas appealing to the IT and tech community, leveraging the brand’s acclaim from Bengaluru’s presence, the group remains receptive to prospective opportunities beyond Mumbai and Pune.
Strategic Mumbai Ventures and Suburban Exploration
Detailing their Mumbai ventures, the company has successfully introduced 2.5 million square feet of property since April 2022, with 70 percent already sold, accumulating revenue of approximately Rs 6,500 crore.
Ahmed elucidated plans for the upcoming year, intending to launch three projects covering 3 million square feet, including two in South Mumbai. Notably, the “Prestige Ocean Tower,” an upscale Marine Lines development, received recent regulatory approval, offering panoramic views of the Queen’s necklace and the Arabian Sea.
Market Expansion and Revenue Projections
The Mumbai projects, comprising both upcoming and previously launched endeavors, aim to cover 5.5 million square feet, with an estimated total revenue of around Rs 22,000 crore, highlighted Ahmed.
Residential Pursuits in Mumbai’s Periphery
In parallel, the Prestige Group explores residential prospects in Mumbai’s suburbs and areas adjacent to Thane, targeting price ranges of Rs 25,000 to Rs 35,000 per square foot in specific Mumbai zones.
Commercial Ventures and Mumbai’s Allure
In Mumbai’s commercial segment, the company gears up to introduce 6.92 million square feet of Grade A office space within the next three years in Bandra Kurla Complex (BKC) and Mahalaxmi. There are extensive plans for further portfolio expansion within the Mumbai Metropolitan Region (MMR).
Market Dynamics: Mumbai vs. Bengaluru
Ahmed highlighted the motivation behind the move toward Mumbai, emphasizing the city’s market size and promising prospects within the Mumbai Metropolitan Region. He underscored the considerable difference in selling prices, noting Bengaluru’s range of Rs 8,000 to 10,000 per square foot, in contrast to Mumbai’s Rs 30,000 per square foot rates, substantially impacting revenue potential.
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