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Wednesday, July 24, 2024

Prestige Group is set to unveil residential housing projects in key locations

The Prestige Group is set to unveil residential housing projects in key locations, spanning across Delhi-NCR, Bengaluru, Hyderabad, Chennai, Mumbai, and Goa.

Prestige Estates Projects Ltd, a real estate firm based in Bengaluru and listed on the stock exchange, is gearing up to introduce a series of projects in 2023 across major cities in India, including Delhi, NCR, Bengaluru, Hyderabad, Chennai, Mumbai, and Goa. Irfan Razack, the Chairman and Managing Director, unveiled this expansion plan at the 21st CREDAI Natcon (The Confederation of Real Estate Developers Association of India’s National Convention) held in Sharm El-Sheikh, Egypt.

The company’s initiatives encompass a diverse range of real estate developments, and they are actively considering entry into the senior living sector. The company is presently engaged in a partnership with a Delhi-based company TDI for a luxury housing project in Central Delhi and is actively exploring opportunities for additional land acquisitions in Delhi-NCR to expand their housing projects. The aim is to pursue viable prospects if they arise.

Specifically, they are progressing with the KG Marg Project, a high-end residential development in KG Marg, Delhi, through a joint development agreement with TDI. They have also initiated work on a hotel project in Aerocity, Delhi, with plans for completion by 2025-26. In Noida Sector 150, the company is partnering with ACE Group for a mid-income housing project, which is pending approval due to ongoing discussions about a sports city.

Additionally, Prestige Estates Projects is completing the Prestige Ocean Towers development in north Goa, which includes villas and managed residences. They are planning another project in Morjim, Goa, involving a 75-acre plot for a hotel and Marriott-managed residences, though this project is still in the planning stages.

Irfan Razack highlighted the strong demand for housing projects across India, emphasizing that their brand has a solid reputation to leverage. The company is actively working on a robust housing project pipeline, with approvals expected in Hyderabad, Mumbai, and Chennai, and multiple launches planned in Bengaluru.

Moreover, Prestige Estates Projects has diversified across various real estate segments, including residential, office, retail, hospitality, property management, and warehousing. They have completed numerous projects and have ongoing developments in various locations in India.

The company is also keen on exploring the senior living segment, with a focus on providing dedicated senior housing that operates as a rental product, eliminating the need for capital investment by seniors. Currently, they are working on a pilot project in Bengaluru and plan to expand it to other cities.

Furthermore, the company has undertaken warehousing projects, retail ventures, and is committed to delivering projects that were previously stuck, such as Prestige City in Mulund, Mumbai.

Prestige Estates Projects recognizes the significance of affordable housing in India, and while they cater to various segments, they acknowledge the potential for substantial volumes in the affordable and mid-income housing sectors.

Lastly, the company is witnessing robust demand from Non-Resident Indians (NRIs), largely driven by favorable exchange rates. The implementation of the Real Estate Regulatory Act (RERA) has boosted homebuyer confidence, though challenges persist in terms of infrastructure and expedited approvals to reduce costs and make housing more affordable.

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