+
We have ventured into new markets like Mumbai and the NCR
Equipment

We have ventured into new markets like Mumbai and the NCR

- Uzma Irfan, Director, Prestige Group Prestige Group, one of the leading real-estate developers in the country, has a legacy of over three decades in real-estate development. It has diversified business models across the residential, office, retail, and hospitality segments...

- Uzma Irfan, Director, Prestige Group Prestige Group, one of the leading real-estate developers in the country, has a legacy of over three decades in real-estate development. It has diversified business models across the residential, office, retail, and hospitality segments with operations in 12 key locations in India. The group has completed 247 projects with a developable area of 134 million sq ft and has 45 ongoing projects across segments, with a total developable area of 52 million sq ft. Further, it has 57 million sq ft under planning and holds a land bank with a potential developable area of over 27 million sq ft. Uzma Irfan, Director, Prestige Group, shares more....Major challenge faced in FY2019-20 and the company’s approach to it: The COVID-19 pandemic is undoubtedly one of the biggest challenges most of us have faced in our lifetime, let alone in the last fiscal. To overcome it, we started following stringent protocols of safety and hygiene across all our properties. We have also started focusing on promotions online, including virtual site tours, online bookings, etc, as we realised people were unable to visit our properties as easily as they could earlier. For less tech-savvy clients, we help them with site tours over a video call to make things easier. At Prestige, realising that the pressing need of the hour is to first protect unregistered labourers, we started providing daily wagers at all our labour colonies across India with the basic needs of the hour, namely food, water, sanitation, monthly provisions and medical kits.Biggest contributor to the company’s growth in FY2020: In 2019, the Prestige Group completed projects covering 24.2 million sq ft, including 19 million sq ft of residential space and 5.2 million sq ft office space. We had almost zero vacancy in our commercial properties last year. We ventured into new markets like Mumbai and the NCR in the residential as well as commercial space. We got into strategic collaborations in the hospitality segment—with DB Group to build India’s largest hotel and convention centre at Aero City in Delhi, and with Marriott International to develop six hotels across India. With these partnerships, we sealed our position as one of the largest hospitality players in India.Plans for growth in FY2020-21 amid the uncertainties the COVID-19 pandemic has brought about: We have already resumed construction work across our ongoing developments and will also be launching some properties virtually in the next few weeks. We were fortunate to witness sales even during the lockdown period, thus reinforcing our belief that serious homebuyers will continue to invest in brands they trust, and know will deliver against all odds. We are also witnessing increased interest from NRIs who have started realising the importance of having suitable real-estate investments in India. Further, we have started investing more in terms of technology, promotions, etc, online as we realise that in the post-COVID world, that is the way forward. Prestige Estates Projects Total Income EBITDA Reported PAT FY20 (Rs billion) 82.43 24.74 5.45 Growth over FY19 (%) 56 58.0 23.7  

Next Story
Technology

Minda, Qualcomm Join Forces for Smart Auto Cockpit Tech

Minda Corporation Limited, the flagship of the Spark Minda Group, has announced a strategic partnership with Qualcomm Technologies, Inc. to develop intelligent and connected cockpit solutions for the Indian automotive market. The upcoming smart interface will be powered by Qualcomm’s Snapdragon Cockpit Platform.Commenting on the collaboration, Suresh D, Group CTO of Minda Corporation, said, “This partnership with Qualcomm Technologies marks a major milestone in advancing Minda’s digital cockpit capabilities. By utilising Qualcomm’s cutting-edge automotive platforms, we can now offer se..

Next Story
Infrastructure Transport

Railways Spent Rs 604.7 Billion on Passenger Subsidy in FY24

New Delhi – The Indian Railways provisionally spent Rs 604.7 billion in subsidies during the financial year 2023–24, covering 45 per cent of passenger travel costs, Railway Minister Ashwini Vaishnaw informed the Lok Sabha on Wednesday.In a written response to questions from multiple Members of Parliament regarding the recent rail fare hike, Vaishnaw stated that the Indian Railways continues to offer one of the most affordable transport services globally, ferrying over 7.2 billion passengers annually."The total amount of subsidy provided in FY 2023–24 on passenger travel is provisionally ..

Next Story
Infrastructure Urban

Auto Sector Can Cut Emissions by 87% by 2050: CEEW

India’s automobile industry could reduce its manufacturing emissions by 87 per cent by 2050 through a shift to green electricity and low-carbon steel, according to a study released by the Council on Energy, Environment and Water (CEEW).The report estimates that if original equipment manufacturers (OEMs) and their suppliers target net-zero emissions by 2050, annual emissions could fall from a projected 64 million tonnes of CO₂ (under the business-as-usual scenario) to just 9 million tonnes. This would require OEMs to adopt 100 per cent green electricity and steel suppliers to source 56 per ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?