Prestige Group hopes to make Rs 1,200 crore from the largest residential project

By Bricksnwall | 2023-12-12

Prestige Group hopes to make Rs 1,200 crore from the largest residential project

In Q4FY24, the business plans to launch significant products in Bengaluru, with a potential sales value of over Rs 2,000 crore. It intends to launch a venture in Pune by the following fiscal year.

With a potential income of Rs 1,200 crore, listed real estate developer Prestige Group, based in Bengaluru, has ventured into Kozhikode, Kerala, to construct its first residential property.

The Prestige Ocean Pearl project, which spans over 1.5 million square feet (msf) and costs Rs 800 crore, will be turned over in May 2027, according to Praveer Shrivastava, Senior VP, Residential, Prestige Group. 

With a ticket price ranging from Rs 1.7 to Rs 2.5 crore, the building features 500 opulent 3/4 BHK apartments arranged over four stories.

With 28 stories, it is one of the biggest constructions in the Beach Road vicinity.

The project, which is being developed in collaboration with Westin Developers, will contribute to the group's continued strengthening of its position in Kerala.

In Kochi, we have finished and delivered around 5 msf so far, encompassing both residential and commercial spaces. Ocean Pearl is one of the roughly 2.5 million square feet of ongoing projects in the state, according to Shrivastava.

Kerala is expected to rank among the top eight real estate markets in India, according to a report released on November 4 by CREDAI Kerala and Cushman & Wakefield. This is due to the state's supportive policies, the large number of skilled Keralites who live abroad, the availability of a qualified labour pool, and improved infrastructure.

"The strategic location of Kozhikode is the main reason we are venturing there. As one of the state's trading hubs, we anticipate that high net worth people (HNIs) and non-resident Indians (NRIs) from the Gulf would make up the majority of our buyers," Shrivastava continued.

The business opened Prestige Glenbrook, a 4.5-acre development with a Rs 550 crore sales potential, in Bengaluru in November.

We plan to start more residential projects in Q4 of FY24, including one with a sales value of Rs 600 crore in Whitefield. We are also considering the launch of an 80-acre planned development in Jigani, Bengaluru south, which has a Rs 900 crore sales potential. With a projected sales potential of Rs 350 crore, a second planned development is about to begin in north Bengaluru, according to Shrivastava.

The company intends to increase its presence in the NCR area of northern India, which includes Delhi, Gurugram, and Noida. Additionally, it intends to increase its presence in Goa.