Stocks

Prestige surges 6% on new malls construction plan

BL Internet Desk | Updated on January 10, 2020 Published on January 10, 2020

Shares of Prestige Estate Projects surged nearly 6 per cent today following a report that the company is looking at becoming the largest mall operator in the country soon. It is also expecting substantial growth, especially in the affordable and mid-income housing segments, courtesy the decline in home loan interest rates and the ‘Housing for All by 2022’ initiative.

The stock of Prestige Estate Projects rose Rs 18.30 to Rs 334.50 on the BSE. The stock touched a new high of Rs 360.40 on December 18, 2019 and steadily fell thereafter. It touched a low of Rs 314.20 on January 8, 2020 before recovering to trade at the current levels.

“With six state-of-the-art malls in the pipeline, we are looking at becoming the largest mall operator in the country soon,” said Irfan Razack Chairman & Managing Director, Prestige Group while talking about company's outlook for 2020.

Currently, the company has nine operational malls across Bengaluru, Chennai, Hyderabad, Mangaluru, Mysuru and Udaipur, with over 5 million square feet of gross leasable area and close to 2,000 stores.

Razack said that five more Forum malls are under construction across Bengaluru, Chennai, and Kochi covering approximately 8.1 million square feet of retail space. “By 2023, we aim to have more than 25 malls, covering over 14 million square feet and around 5,000 stores,” he added.

Apart from mall constructions, the company has also planned various projects in the hospitality, commercial and residential space.

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Published on January 10, 2020
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