It may be true that ‘when the going gets tough, the tough gets going,’ but this doesn’t hold true for the Indian real estate sector currently. The ongoing NBFC crisis post IL&FS default has made things even more difficult for developers.
Prestige Group has inaugurated five completed developments in Karnataka. The properties include: Prestige Ivy Terraces (Residential); Prestige Bagamane Temple Bells (Residential); Prestige Sunrise Park (Residential); Prestige Saleh Ahmed (Commercial); and Prestige Logistics Centre (Industrial).
The government’s move to promote affordable housing by setting up a special fund is welcome. It will boost buyers’ sentiments and help revive the real estate market. We expected the government to give industry status to real estate sector, though its efforts to support infrastructural development is laudable.
Prestige Group, through its subsidiary, has concluded acquisition of CapitaLand's stake in various SPVs for a total of about Rs 324 crore. The acquisition will boost Prestige's annuity portfolio with an estimated incremental rental income to the tune of Rs 75 crore per annum.