Prestige Group sets sights on Mumbai, Pune realty markets

Anil Urs Bengaluru December 28 | Updated on December 28, 2018 Published on December 28, 2018

Irfan Razack, Chairman and Managing Director, Prestige Group   -  BL

After consolidating its position in the southern market, Bengaluru-based real-estate major Prestige Group has set its sights on the Mumbai and Pune markets.

“One of the highlights of 2019 for the Prestige Group will be our launch in Mumbai,” said Irfan Razack, CMD of Prestige Group.

“We have officially entered Mumbai with a property at Byculla in south Mumbai, and are in the process of securing all approvals for its launch. In addition, we’ve got the approvals in place for our Pune land, which we obtained about 18 months ago. We hope to launch that in the first quarter of 2019,” he added.

The group currently has several projects running in Ahmedabad, Hyderabad, Chennai, and Bengaluru.

Talking about 2019, Razack said, “Though it’s an election year, 2019 is expected to be a good and productive year, with the market becoming stronger. We also expect it to be much more positive with better sales and revenues as we go along.”

The residential real estate market is expected to grow significantly on the back of factors such as urbanisation, the rise of nuclear families, and rising disposable incomes.

Razack said: “Affordable housing is, of course, the need of the hour. Having said that, I expect housing across categories to do well. Luxury housing being a niche market, witnesses a slower momentum. Given that there is quite a lot of inventory in the market currently, luxury housing will continue to move slowly. But having said that, it’s not necessary that one will trade off with another. Depending on the supply that comes in, the market will start stabilising overall across all segments of housing.”

Kingfisher Towers

On the group’s achievements in 2018, Razack said: “We completed 10,000 plus apartments and over 100 million square feet of development that are a significant milestone for any real estate developer.

“We also completed one of our most prestigious luxurious developments with Kingfisher Towers which we inaugurated on November 30.”

“Considered an engineering marvel, it is yet another landmark to dot Bengaluru’s skyline. Apart from this, we completed Phase 1 of Prestige Lakeside Habitat, the largest residential development by the company till date, in terms of acreage and the total number of residences. The 102-acre property is the biggest upcoming residential township development in the country today,” he added.

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Published on December 28, 2018
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