Prestige Group invests Rs 7,500 cr to develop 16 mn sq ft properties

Bangalore-based Prestige Group has set its eyes on the country’s biggest and most expensive property market with plans to invest more than Rs 7,500 crore to develop properties spread over a total of 16 million sq ft over the next four to five years.

The proposed investment will be deployed across six projects and will include residential, office, and hospitality developments in key locations including South Mumbai’s Marine Lines and Mahalaxmi locality, the central business district of Bandra-Kurla Complex (BKC), Worli, Bandra, and Mulund suburb of the city.

With the state registering the highest goods and service tax (GST) collections in India and contributing to 15% of GST of the overall Indian economy, Mumbai has set itself as the leading commercial hub in India, Irfan Razack, CMD, Prestige Group, told the media.

In the financial year (FY) 2021-22, after reporting a record pre-sales collection of over Rs 10,000 crores through its projects in 12 locations all over India, the developer has now begun commercial and residential projects in Bandra’s Pali Hill, South Mumbai’s Mahalaxmi, BKC, Yogi Hills of Mulund.

Venkata Narayana told the media that the company has already invested around Rs 3,000 crore in the acquisition of projects and alliances created in Mumbai. Of the total proposed developments, two projects spread over 6.5 million sq ft will be office space developments in Mahalaxmi and BKC, which will also accommodate a five-star category W Hotel.

Of its continuing developments in Mumbai, the developer’s project in Mahalaxmi is spread over 2 acres, which will present 233 supersized premium apartments. The project in the Mulund suburb will be a 30-acre development that will accommodate premium residential, commercial, and high street retail spaces along with a suggested school and hospital.

Of the total six projects in Mumbai, the firm has acquired 30 acres in Mulund and 2 acres in Mahalaxmi on an outright basis. It has infused over Rs 800 crore in these land acquisitions. Among other Mumbai projects, it has entered into two partnerships with DB Realty and one with ABIL Group, while Pali Hill's project is a society redevelopment plan.

Prestige Group has finished 268 projects and delivered over 151 million sq ft as of 2021-22 end. The firm has approximately 45 ongoing projects across segments with 65 million sq ft space. Under planning, it also has more than 70 million sq ft projects apart from some more land banks in its portfolio.

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