The Prestige Group is one of the most well-known real estate developers in the country. The builder has more than 30 years of experience in the field. It has many projects spread around the country. The company has built both residential and commercial projects. The company is currently at the top of its industry. It has a strong body of work.
The builder has grown a lot. The company now has a broad portfolio. It is in the retail, hospitality, housing, and commercial sectors. It has built over 200 projects across the country. These projects have changed the landscape of many cities. The group has developed over 134 million square feet of real estate.
The head offices of the group are in the city of Bangalore. It has developed more than 200 beautiful projects in the city. The well-known company now has projects in a lot of cities. Some of these are Chennai, Hyderabad, Goa, Mangalore, and Kochi.
The group now plans to construct, acquire, and operate malls and shopping centers. Mr. Irfan Razack, the group's CMD, has announced that there are many mall projects in the works. Following the Blackstone Group deal, the company debuted its first sizable mall last month. It has received a lot of footfall and is doing very well.
The Prestige Group will introduce 25 million square feet of housing projects throughout the year ahead. Of these, 12 million square feet will be in markets outside of Bangalore. The initiatives will aid pre-sales in the city. There will be contributions from NCR, Mumbai, and Hyderabad as well. These will keep the business on its pre-sales growth track.
Motilal Oswal financial services expect that the group will meet its FY23 pre-sales projection of Rs 120 billion. It is expected to go up to Rs 126 billion in FY24. Launches from the new projects will cause upward revisions in the estimates. These revisions will happen over the next six months to one year.
The builder has many iconic projects to its name. It is why investors and homebuyers prefer the Prestige Group. The best projects are built by it. Each project is an example of the company's skills. The best materials are used to build these. The construction meets the highest requirements.
The figures of the group touched demonstrate the confidence of investors. In FY22, it recorded sales bookings of Rs. 104 billion. It is the first business to surpass pre-sales of Rs 100 billion. In FY23, the company has Rs 120 billion in pre-sales.
The housing segment did well in Bangalore real estate. It was driven by The Prestige City's Rs. 70 billion in pre-sales. The township's inventory is now over. To maintain its pre-sales, the group will have to rely on its 23 million square feet of pipeline.
The ongoing projects are worth Rs 6500 crore. Motilal Oswal has raised its FY24 pre-sales forecast for the group by 16%. It will be a pivotal year for the company. A large part of the inventory will be from the city of Bangalore. There are also projects in Hyderabad and Mumbai. Prestige group projects in Calicut and Kochi will add to it.
Homebuyers across the country rely on the company to provide the best residences. The company entered the Mumbai market only a few years ago. Its central Mumbai project at Mulund showed sales of Rs. 883 crores in 2022, making it one of the top builders. The rise of the builder is thanks to the high levels of faith that buyers have in it.
Prestige Group prelaunch apartment is Prestige Aston Park.