Prestige Estates to debut Rs 16 bn housing project in Indian market

06 Jul 2023 CW Team

Prestige Estates has revealed plans to embark on a housing project in Noida this year, which will be their first venture in north India. The CEO expressed confidence in the thriving demand within this region, historically dominated by competitors like DLF.

Throughout the years, Prestige Estates has primarily focused on its home base in Bengaluru, as well as a few cities in south India, successfully developing over 280 projects encompassing residential, commercial, retail, and hospitality sectors. They initiated their inaugural residential project in Mumbai the previous year.

At present, Prestige Estates is awaiting final approvals to commence a mid-income housing project in Noida, spanning 2.2 million square feet. Venkat K Narayana, CEO, informed that the launch is anticipated to occur in the quarter ending in September 2023.

The CEO further stated that the project holds a value exceeding 16 billion rupees, which amounts to an average cost of approximately 8,000 rupees per sq ft.

Based on a report from Credai, Colliers, and Liases Foras, which tracks prices, the average housing cost in the national capital region (NCR), including New Delhi, experienced a notable surge of 16% during January-March. This increase constitutes the highest rise observed throughout the country, reaching 8,432 rupees per sq ft.

While the housing demand in India has recently seen a recovery, it predominantly stems from the desire for luxury projects rather than affordable options.

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