Sunday, July 14, 2024

Prestige Group Announces Entry into Pune Residential Market in 2024

Bengaluru-based Prestige Group is set to venture into the Pune real estate market in 2024 with the launch of 1 million square feet of residential units, projecting a revenue potential of Rs 750 crore to Rs 1,000 crore, according to Tariq Ahmed, CEO of the company’s operations in west India. The developer also plans to unveil 3 million square feet of property in Mumbai with an expected topline of Rs 15,000 crore in the coming year.

While currently holding a commercial portfolio in Pune, Prestige Group aims to focus on areas preferred by the IT and tech crowd, leveraging its brand presence from Bengaluru. The company is open to exploring opportunities beyond Mumbai and Pune, as stated by Ahmed.

In Mumbai, the company has launched 2.5 million square feet of property in the 18 months since April 2022, with 70 percent already sold, resulting in a topline of about Rs 6,500 crore. Over the next 12 months, Prestige Group plans to launch three projects covering 3 million square feet, including two in south Mumbai. One of the notable projects, Prestige Ocean Tower, an uber luxury development in Marine Lines, received regulatory approval on December 18.

The Mumbai projects, both upcoming and previously launched, will collectively cover 5.5 million square feet, generating an estimated topline of Rs 22,000 crore. Prestige Group is also exploring residential project opportunities in the suburbs of Mumbai or Thane, aiming for a price range of Rs 25,000 to Rs 35,000 per square foot in the targeted areas.

Ahmed emphasized the company’s strategy to complement the Mumbai real estate market without direct competition. In the commercial segment, Prestige Group plans to offer 6.92 million square feet of Grade A office space in Bandra Kurla Complex (BKC) and Mahalaxmi over the next three years. The company envisions expanding its commercial portfolio in the Mumbai Metropolitan Region (MMR).

Ahmed explained that Prestige Group’s entry into Mumbai is driven by the market size and opportunities in the MMR. The higher selling prices in Mumbai, averaging Rs 30,000 per square foot compared to Rs 8,000 to Rs 10,000 per square foot in Bengaluru, provide a more lucrative commercial landscape, contributing to the decision to prioritize Mumbai for expansion.

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