Bangalore Based Prestige Group Announces Intent to Launch Real Estate Projects Across Delhi-NCR, Bengaluru, Hyderabad, Chennai, Mumbai and Goa

Prestige Group's Dynamic Blueprint: Expanding Horizons in Indian Real Estate

Bengaluru-headquartered Prestige Group, a titan in the Indian realty space, is gearing up to redefine urban landscapes across several Indian cities including Delhi-NCR, Bengaluru, Hyderabad, Chennai, Mumbai, and Goa.

Their vision doesn't stop there.

They have also turned their focus to the promising senior living segment, with a pilot project underway in Bengaluru. Upon its success, they aim to introduce similar projects in other cities.

During the recent 21st CREDAI Natcon held in Sharm El-Sheikh, Egypt, it was disclosed that Prestige Group has partnered with Delhi-based TDI for an upscale housing endeavor in Central Delhi. They're also exploring additional lands in Delhi-NCR for further housing prospects. The company had also made a significant move with a residential development in KG Marg, Delhi, through a joint agreement with TDI. This project, which covers about an acre, is anticipated to be a luxury landmark, with plans for its launch within the fiscal year.

Highlighting their ventures in Aerocity, Delhi, it was mentioned that a commercial initiative is in the works. Scheduled for completion by 2025-26, it promises to feature India's largest hotels: Marriott Marquis and St. Regis.

Furthermore, Prestige Group is joining hands with ACE Group for a middle-income housing project in Sector 150, Noida. Challenges related to sports city approvals have caused some delays, but the company remains optimistic.

In Goa, Prestige is nearing the completion of 'Prestige Ocean Towers'. With villas and managed residences, the group also plans to launch a new project in Morjim. This 75-acre plot is set to house a hotel and Marriott-managed residences, both still in the planning phase.

The company's leader conveyed a robust demand for housing products nationwide, emphasizing the potential for growth amidst the sector's consolidation. Their operational footprint spans major metropolises like Hyderabad, Chennai, Mumbai, and Bengaluru. However, they maintain a selective approach, focusing primarily on major cities and, to some extent, Tier 2 cities like Goa.

With a strong housing project pipeline, upcoming ventures in Hyderabad, Mumbai, and Chennai are particularly anticipated. These projects are expected to be the main drivers for the next two quarters. The company has also diversified its reach, spanning various segments including residential, office, retail, hospitality, property management, and warehouses. Currently, they have completed 285 projects, with a developable area of 170 million square feet and 54 ongoing projects.

Their exploration into the senior living segment is driven by a vision to offer more than just housing. They aim to provide dedicated senior accommodations, focusing on rentals without capital investment, ensuring senior residents receive utmost care.

In addition to their diverse portfolio, they have initiated a project in the warehousing segment in Bengaluru and opened a new mall in Kochi named 'Forum Kochi'. Their retail brand, 'Forum', is showing promising growth, and they have plans to expand this by another 10 million sq ft in various cities within the next five years.

While Prestige Group acknowledges the potential of overseas projects, their primary focus remains on the domestic front, given the immense potential and brand strength in India. They've also undertaken some previously stuck projects, ensuring careful evaluation before any commitments. Additionally, the company recognizes the importance of the affordable housing segment, emphasizing its potential for maximum volumes. Demand from NRIs, influenced by the exchange rate, is also robust, with a marketing office in Dubai catering to this segment.

The implementation of the Real Estate Regulatory Act (RERA) was cited as a significant factor in boosting homebuyer confidence, subsequently driving demand. However, concerns were raised about infrastructure and the need for expedited approvals to ensure cost-effectiveness and enhanced affordability.

Highlights:

Prestige Group is set to significantly expand its footprint across various Indian cities.The senior living segment has been identified as a potential growth area.Strategic partnerships, like the one with TDI, showcase the group's collaborative approach to upscale developments.

The company has diversified its offerings, ensuring a broad spectrum of real estate solutions.Challenges like approval delays highlight the complexities of the real estate sector in India.

The company remains bullish on domestic prospects while acknowledging overseas potential.RERA's introduction has had a positive impact on the industry, fostering trust among buyers.