Bengaluru-based Prestige Group has announced plans to invest Rs 10,000 crore in the residential real estate sector by the end of FY25, according to Praveer Srivastava, Senior Vice President of Residential Sales at the company. The substantial investment will be directed towards both land acquisition and the construction of new projects.
Of the total Rs 10,000 crore, Rs 3,000 crore will be allocated for acquiring additional land units, while Rs 7,000 crore will be used for the construction and development of upcoming residential projects. Srivastava stated that while a portion of these funds has already been committed to ongoing projects, the remaining will be deployed before the fiscal year ends.
Prestige Group aims to achieve sales worth Rs 25,000 crore in FY25. The Gross Development Value (GDV) of the group's upcoming launches is expected to reach approximately Rs 60,000 crore. At the beginning of this fiscal year, the group had an inventory worth Rs 10,000 crore in terms of GDV.
The company's expansion plans are focused on several key markets including Delhi-NCR, Goa, Hyderabad, Mumbai, Chennai, and Bengaluru. Srivastava noted that South India will account for over 70% of the total sales value and 75% of upcoming launches.
In Delhi-NCR, Prestige Group has three major projects in the pipeline. These include "Prestige City" in Indirapuram, which will span 62 acres and feature over 4,000 apartments along with retail space, including a mall, with a GDV of over Rs 10,000 crore. Another ultra-premium luxury housing project on KG Marg is expected to launch in the first quarter of CY2025, and a third development is planned for Sector 150 in Noida.
Additionally, the group has acquired several land parcels in Goa, with plans for township and premium villa projects, although specific details have not yet been disclosed. In Chennai, two land parcels with a combined GDV of around Rs 5,000 crore have been secured for mid-segment apartment projects starting at Rs 1 crore.
Bengaluru will see the lion’s share of Prestige Group's expansion, with launches valued at over Rs 30,000 crore and a development potential of 25 million square feet. The current quarter will witness the launch of three projects in the city, with apartment prices ranging between Rs 2.5 crore to Rs 7 crore. The group also plans to develop a plotted project in north Bengaluru, with prices starting at Rs 1 crore.
In Hyderabad, Prestige Group is set to introduce an ultra-premium luxury residential development in Banjara Hills, alongside two additional projects in the Budvel region.
© 2023 Rera News. All rights reserved.