Prestige Group, the Bengaluru-based reputed developer plans business expansion shortly. The company estimates an investment of Rs. 10,000 Crore in the residential segment of the Indian real estate sector.
“This includes Rs. 3,000 crore to acquire more land units and Rs. 7,000 crore to construct and develop upcoming projects. While some of the funds have already committed to ongoing projects, the rest will be deployed by the end of the year,” Praveer Srivastava, Senior Vice President, Prestige Group said.
In the fiscal year 2025, Prestige Group aims sale of approximately Rs. 25,000 crore. The projected revenue or the gross development value (GDV) of upcoming residential launches is near Rs. 60,000 crore. It is valued by the company’s inventory of Rs. 10,000 crore during the present fiscal year.
Srivastava further said Prestige Group looks forward to making footprints in Delhi-NCR, Goa, Hyderabad, Mumbai, Chennai, and Bengaluru. Out of the total sale value, South India will comprise over 70 percent and 75 percent of launches respectively.
Presently, Prestige Group has three upcoming projects in Delhi-NCR region. Praveer Srivastava said, “We have Prestige City in Indirapuram, which is a 62-acre land parcel with a development potential of over 4,000 apartments along with retail space, including a mall. The project has a GDV of over Rs. 10,000 crore. We have a land parcel in KG Marg, which is less than an acre, for ultra -premium luxury housing that is expected in the first quarter of FY 2025. And we will have another project in Sector 150 Noida.”
He also informed that Prestige Group has acquired land parcels in Central and North Goa. The company plans townships and premium villa projects here. Also in Chennai, Prestige group has two land parcels with potential revenue of Rs. 5,000 crore. There will be mid-segment apartments starting from Rs. 1 Crore.
Talking about Bengaluru property market, Srivastava said, “In Bangalore, we are looking at launches worth over Rs. 30,000 crore with a total development potential of 25 million square feet.” At present, the Bengaluru-based developer has three projects in the pipeline including apartments valuing between Rs. 2.5 crore to 7 crore. The company also plans to introduce plotted development in North Bengaluru from Rs. 1 Crore.
In Hyderabad, Prestige Group plans an ultra-luxury residential development in Banjara Hills and Budvel region.
