The Prestige Group is one of the best developers of real estate in the country. The business has been functional since 1986. It is well-known for its great quality. It is a market leader. The company has a strong reputation in the south of the country for its cutting-edge construction projects.
The Prestige Group has earned more than thirty years of experience in the industry. The company has over 200 projects. It is in 12 large cities around the country. The group has also entered a wide range of sectors. Some of these are housing, commercial, hospitality, and retail.
The CMD of the group, Mr. Irfan Razack, has announced the company’s plans after the deal with the Blackstone Group. The Prestige Group now plans to construct, manage, and operate its own shopping centers. Many developments are being planned. The company is planning to launch nine malls that will be spread over 8 million square feet.
The group sold eight of its nine malls in Bangalore during the COVID-19 period. The move was the result of a full rethink of the mall sector. It has chosen to concentrate on the most recent mall it has constructed in South Bangalore. It is the largest in the city's south at a million square feet.
The space allotted to clothing shops in the new Forum Mall has been cut to 60%. The mall has 40 dining spaces in itself. The food and beverage area has been extended. There is a 25,000-square-foot microbrewery. The mall also has a 75,000-square-foot Lulu hypermarket.
There is a zone with rides and arcade games. It spans 50,000 square feet. The mall also has the biggest 13-screen PVR multiplex in the city. There are large stores for clothing from Zara, H&M, Shoppers Stop, and Lifestyle. There is a banquet hall for 500 people. There is also a 500-seat open-air amphitheater and a 1000-seat auditorium.
Speaking about the mall, Mr. Razack said that there were 100,000 visitors over the first weekend. It is unheard of to see so many footfalls. The mall is trading nicely. The market for offices has recovered thanks to the no-COVID situation. The demand for office space is high again. The stable rents have made the business lucrative.
The well-known financial services company, Motilal Oswal, is supportive of the growth of the group. It believes 2023 will be a pivotal year for the group. The inventory of projects that are ongoing has been valued at Rs 6500 crore. The Prestige Group's pre-sales growth estimate for FY24 has been raised by 16% by Motilal Oswal.
The latest note by Motilal Oswal mentioned that pre-sales for Prestige Estates in FY24 might be between Rs 15,000 and Rs 17,000 crore. Mr. Razack said that the company should expect revenues of Rs 15,000 crore. The amount of stock in the pipeline, the strong market, and the confidence of dealers will all play a role.
Mr. Razack said that 2023 would be a defining year for the company. He said the group would benefit from the inventory from Bangalore. There are also big projects in Hyderabad, Mumbai, Kochi, and Calicut, which will add to the growth. He also said it would be easy for the company to touch the Rs. 15,000-crore mark.
Prestige Group prelaunch apartment is Prestige Aston Park.