The Bengaluru-based publicly-traded real estate developer, Prestige Group, is set to unveil its largest township, The Prestige City, in Hyderabad on November 9, projecting sales potential exceeding Rs 8,000 crore. Praveer Shrivastava, Senior VP of Residential at Prestige Group, revealed that the project, sprawling across 64 acres in Rajendranagar, will encompass 4,647 apartments, 119 luxury villas, and a retail mall. The total investment for this venture is estimated at around Rs 5,000 crore, with scheduled inventory handovers by 2027. The combined development of apartments and villas will span 10.5 million square feet (msf), with apartments occupying approximately 9.7 msf, and the retail mall encompassing over 1 lakh sq ft.
Apartment prices will commence at Rs 79 lakh, reaching over Rs 2.5 crore for 4 BHKs. The project's location is conveniently situated just 15 minutes from the airport and approximately 30 minutes from the prime Gachibowli and Hitech City areas. The residential segment has already obtained RERA approvals, and excavation work is in progress.
In a unique move, Prestige Group plans to introduce the project in the Metaverse for a visually immersive experience for prospective buyers. This feature is currently under development and is expected to be available by the end of the month, allowing homebuyers to explore the project virtually, including its amenities and landscaping.
Notably, Hyderabad is the only city in India without restrictions on the floor area ratio (FSI), encouraging the construction of high-rise buildings. The Prestige City will consist of 13 towers, rising to G+41 floors. To promote sustainability, Prestige Group aims to create 24 acres of green spaces within the project, along with a lake.
Furthermore, Shrivastava emphasized that the real estate market in Hyderabad is thriving, with the city outpacing the national average in residential market growth. In the last two years, the real estate sector in Hyderabad has grown by 30-40 percent, with sales volumes nearly doubling. The primary target homebuyers in Hyderabad are IT professionals and a significant population of small business owners in the older city. Additionally, soaring property prices in prime areas like Gachibowli, exceeding Rs 10,000 per square foot, have made much of the city center unaffordable.
Shrivastava also outlined Prestige Group's ambitious revenue goals, aiming to achieve Rs 5,000 crore annually from the Hyderabad real estate market over the next 2-3 years. The Group currently has multiple ongoing and forthcoming projects in the city. Approximately a year ago, they launched Prestige Clairemont and four other projects with a total saleable inventory worth Rs 1,000 crore. Additionally, Prestige Group has acquired two land parcels in Budvel, totalling over 28 acres through a government auction, which will be launched within six months. Another ultra-luxury residential project in prime Banjara Hills is expected to debut in about three months.
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