Prestige Group plans to launch projects in Delhi, NCR, Bengaluru, Hyderabad, Chennai, Mumbai, and Goa this year. Irfan Razack, Chairman and MD of the company, stated that there are many housing projects developed across cities.
The company intends to create a luxury housing complex in Central Delhi in collaboration with TDI, a Delhi-based company, and is also looking for further land in the Delhi-NCR area to develop more housing projects.
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“We have taken on one very high-end residential development in Delhi’s KG Marg.” It is a joint development agreement (JDA) with TDI. “We just completed the initial term sheet and made the initial payment to Indiabulls to clear some debt,” Razack explained. He claims that the land size in KG Marg is roughly one acre.
“It’s all in the initial stage and will be declared soon.” However, it will be a high-end luxury development. “We hope to start this project this financial year,” he stated.
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The Aerocity project is a commercial venture that will include two large hotels and will be finished between 2025 and 2026.
“The project is still in the works and is expected to be completed in December 2025.” This will be India’s largest hotel, with a Marriott Marquis and a St. Regis.
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The business is collaborating with ACE Group on a mid-income housing project in Noida’s Sector 150. The approval for Noida Sector 150 has been stalled for a long time ago. The approvals are still pending to start construction on a 15-acre mid-income housing project, he said.
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Prestige Ocean Towers is the company’s most recent project. We have mostly villas and managed residences in north Goa. “We plan to start a project in Morjim, where we have a 75-acre property. Along with the Marriott-managed homes, we will build a hotel. These are still being worked on.”
According to Razack, there is a high demand for housing products across the country. “There is a tremendous demand for housing.” We have a good brand to leverage. Consolidation is taking place in the sector. As a result, there is enormous growth potential,” Razack stated.
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“We have a healthy pipeline of housing projects.” Because three major approvals are coming from these three cities, projects in Hyderabad, Mumbai, and Chennai will be included. And these will provide us with the figures.
Of course, two to three launches are possible in Bengaluru. We have Prestige City in Hyderabad and Ocean Towers in Mumbai, as well as the Prestige City project in Mulund. These projects will be the driving force behind the numbers over the following two quarters. “Along with these some plotted developments and residential apartments are also in Bengaluru,” he added.
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Prestige City in Mulund, Mumbai, has been taken over by the company. “We’re working on Prestige Nautilus in Worli, Mumbai, which was a stalled project with an ex-developer.” “Once approvals are received, we will also be developing Ocean Tower at Marine Lines,” he stated.
The organization meticulously assesses each project and “only if we feel it’s feasible and not too messy, we touch it.” I’m not diving headfirst into any stalled initiatives. We must ensure that existing clients are appropriately cared for and that the project is completed. That is significant,” he stated.
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Affordable housing will always have potential in India since “that’s where the demand comes from and will continue to come from.” That is why we cater to all market segments. We’re not only stuck in luxury.
Everything is determined by location and the source of demand. But, if you want volumes, I believe they should come from the low- and middle-income segments,” he continued.
