Thursday, June 20, 2024

Prestige Group to launch its largest Hyderabad township, targeting Rs 8,000 crore in sales

Bengaluru-based real estate developer Prestige Group is all set to unveil its most ambitious project yet, “The Prestige City,” in Hyderabad, with the launch scheduled for November 9. The company has high hopes for this project, with sales potential exceeding an impressive Rs 8,000 crore. Let’s delve into the details of this significant undertaking and Prestige Group’s strategic plans in the booming real estate market of Hyderabad.

Situated in the Rajendranagar area, The Prestige City will span a sprawling 64 acres, making it one of the largest township developments in the city. This expansive project will encompass a diverse range of residential options, including 4,647 apartments, 119 luxury villas, and a retail mall. The estimated investment for The Prestige City is approximately Rs 5,000 crore, signaling the company’s commitment to delivering a world-class living experience to residents.

The completion timeline for The Prestige City is expected to reach 2027, with a total development space of 10.5 million square feet. Among this, apartments will occupy approximately 9.7 million square feet, with the retail mall covering over 1 lakh square feet. The apartment offerings will be accessible to a wide range of buyers, with prices starting at Rs 79 lakh and extending beyond Rs 2.5 crore for the spacious 4 BHK units.

One of the significant advantages of The Prestige City is its prime location. The project is conveniently located just 15 minutes away from the airport and approximately 30 minutes from the popular Gachibowli and Hitech City areas, known for their thriving business and technology sectors. Furthermore, The Prestige City has already received RERA approvals for its residential segment, and excavation work is currently in progress, highlighting the project’s commitment to adhering to regulatory standards and delivering on its promises.

Prestige Group is not only focusing on traditional real estate marketing but also embracing innovation. For the first time, the company is planning to launch The Prestige City in the Metaverse, providing potential homebuyers with a unique and immersive visual experience. The Metaverse experience is currently under development and is expected to be available by the end of this month. This innovative approach will enable prospective buyers to explore the project virtually, gaining insights into the amenities and landscaping that The Prestige City has to offer.

Hyderabad has a distinctive feature that sets it apart from many other Indian cities. It is the only city in India where the state government does not restrict the floor area ratio (FSI), allowing developers to create high-rises with more freedom. The Prestige City is a testament to this advantage, with 13 towers rising up to G+41 floors. Additionally, Prestige Group aims to promote sustainability within the project by creating 24 acres of green patches and a picturesque lake.

However, what makes Hyderabad’s real estate market particularly appealing is not just its policies but also its booming demand. Hyderabad boasts a substantial consumer base for residential spaces, outpacing even Bengaluru in this regard. Over the past two years, the city’s residential market has exceeded the national average, with real estate sector growth ranging between 30-40 percent and an almost doubling of sales volume. The primary target demographics for homebuyers in Hyderabad are the IT population and a large-scale small business population in the older parts of the city. With property prices in prime areas such as Gachibowli soaring beyond Rs 10,000 per square foot, many real estate options in the city center have become unaffordable for the average buyer.

Prestige Group has big plans for its operations in Hyderabad. The company is currently looking to achieve an annual revenue of Rs 5,000 crore from the Hyderabad real estate market over the next 2-3 years. This ambitious target reflects the confidence the company has in the potential and growth of the market in the city. Prestige Group is no stranger to Hyderabad, as they already have several ongoing and upcoming projects in the city. About a year ago, they launched Prestige Clairemont and four other projects with a total saleable inventory worth Rs 1,000 crore.

But the company’s expansion plans don’t stop there. They have acquired two land parcels in Budvel, Hyderabad, covering more than 28 acres, and these are expected to be launched within six months. In addition, another ultra-luxury residential project in the prime locality of Banjara Hills is set to be launched in about three months. These developments further solidify Prestige Group’s presence in the vibrant and growing real estate landscape of Hyderabad.

In conclusion, Prestige Group’s grand undertaking, The Prestige City, in Hyderabad, represents a significant milestone for the company and a testament to the thriving real estate market in the city. With its innovative approach and commitment to quality, Prestige Group is poised for continued success in this dynamic market, contributing to the growth and development of Hyderabad’s real estate sector. As they aim for an annual revenue target of Rs 5,000 crore, it is evident that Prestige Group is fully invested in capitalizing on the opportunities that Hyderabad offers in the coming years.

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