Bangalore Based Prestige Group Expands Its Horizon in Pune and Mumbai Real Estate Markets

Prestige Group's Foray into Pune's Residential Market

In 2024, The Prestige Group plans to make a significant entry into the Pune real estate market by launching residential units spanning 1 million square feet. This venture is anticipated to generate a revenue potential between Rs 750 crore and Rs 1,000 crore. The Bengaluru-based developer is also set to launch an impressive 3 million square feet of property in Mumbai, aiming for a topline of Rs 15,000 crore in the coming year, as conveyed by Ahmed.

Targeting IT and Tech Demographics in Pune

While The Prestige Group currently holds only a commercial portfolio in Pune, its focus will shift towards residential areas preferred by the IT and tech crowd, a demographic that resonates with the brand due to its presence in Bengaluru. However, the group remains open to exploring opportunities outside Mumbai and Pune as well, as per Ahmed's statement.

Mumbai Market Performance and Future Projects

The company reported that since April 2022, it launched 2.5 million square feet of property in Mumbai, with 70 percent already sold, generating a topline of approximately Rs 6,500 crore. Over the next 12 months, The Prestige Group plans to launch three new projects covering 3 million square feet, with two situated in south Mumbai. One of these high-profile south Mumbai projects has already received its regulatory ID on December 18.

Comprehensive Growth in Mumbai’s Residential and Commercial Sectors

In Mumbai, the total area covered by the Prestige Group's upcoming and existing projects is projected to be 5.5 million square feet. The combined topline for all these projects is estimated to be around Rs 22,000 crore. Additionally, the company is exploring residential project opportunities in the suburbs of Mumbai, including Thane.

Expansion of Commercial Spaces in Mumbai

In the commercial segment, The Prestige Group is set to develop 6.92 million square feet of Grade A office space within the next three years, located in Bandra Kurla Complex (BKC) and Mahalaxmi. This development is part of their strategy to expand their portfolio in the Mumbai Metropolitan Region (MMR).

Strategic Growth and Market Adaptation

The Prestige Group's expansion into Pune and further development in Mumbai indicate strategic growth and adaptation to market demands. Focusing on the IT and tech demographic in Pune reflects a keen understanding of the local market, while their ambitious projects in Mumbai showcase their capability to cater to diverse segments, including luxury residential and premium commercial spaces.