Amid an upward trend in the residential and commercial space, real estate group Prestige envisages 66 million square ft of development across all its projects by FY23-24.
The company has completed projects spanning 14.18 million sq ft in the last fiscal year. “These are interesting times for real estate, we expect to reach ₹12,000-15,000 crore sales in this fiscal year,” Swaroop Anish, Executive Director, Business Development, Prestige Estate Projects Ltd told BusinessLine.
In the last fiscal,the group crossed sales of 8,902 units (residential apartments) worth more than ₹10,000 crore across all the cities, he added. Apart from eyeing a bigger market, the company is also looking forward to launching a Real Estate Investment Trust (REIT). However, the real estate major did not share more details on REIT.
Anish said that the constant rise in business volume is because of the business generated from the middle-income group who opt for Prestige’s properties in the range of ₹40 lakh–₹1.5 crore.
In the current fiscal year, Prestige has two malls in the pipeline to be built in Kochi and Bengaluru as part of its commercial portfolio.
Prestige Estate is expanding to Delhi NCR with two projects including one residential project and a hotel in Aerocity. The company did not disclose the size of these projects. The group is also developing projects In Kochi and Goa, across different portfolios.
“We generate 70 per cent of our residential business from Bengaluru, and with strong demand, we plan to unload 4,000-5,000 apartment units in the next two quarters in the city. Bengaluru continues to be our main market, followed by Mumbai, Chennai, and Hyderabad,” said Anish.
Currently, Prestige has a headcount of 11,000 employees across all its various businesses. In South India, Prestige has a diverse portfolio spanning across residential, commercial, retail, leisure, and hospitality segments. In terms of geographies, the company has business in cities such as Chennai, Hyderabad, Kochi, Mysuru, Mangaluru, and Goa.