Prestige Group has drawn plans of investing a minimum of Rs 7,500 crore in the next 4-5 years to get a foothold in the real estate markets in the country.
Managing Director of Prestige Group, Irfan Razack, told the media that the listed company present in the southern market has delivered over 250 projects and will develop residential and commercial projects in the financial capital. He said the company envisages developing 16 million sq ft of space in six projects across the city and will be conservative in its approach in the market. The projects include developing one commercial property in the Bandra Kurla Complex, one in central Mumbai's Mahalaxmi, and a 6 million sq ft integrated development project in the northeastern suburb of Mulund. Other projects include developing a residential segment at Mahalaxmi, a project each in Bandra's upmarket Pali Hill, south Mumbai's Marine Lines, which will be jointly developed with a Balwa Group firm and a redevelopment project in central Worli. Razack said that some projects under development were stuck due to various reasons. He added that they also include projects taken over from the National Company Law Tribunal (NCLT) and should be seen as part of consolidation in the market. Chief Executive of Prestige Group, Venkat K Narayana, said it would invest around Rs 7,500 crore in the market across projects. He said that the company has already invested Rs 4,500 crore in acquiring land parcels or paying premiums. Additional Rs 3,000 crore would be invested in the commercial properties. The overall investment will be over Rs 7,500 crore. Narayana said the company witnessed a demand for larger homes after the Covid-19 pandemic and the lockdowns, so people want more space because of work from home culture or education. He added that the demand for real estate is spurred by jobs and urbanisation. An official said that currently, it is getting an annuity income of more than Rs 3,000 crore per annum from the commercial real estate assets and plans to float a real estate investment trust in the next 4-5 years. Image Source
