Prestige Estates’ Plan for Residential, Commercial, and Retail Projects Construction
The prominent Bengaluru-based real estate giant, Prestige Estates, is accelerating its momentum. The company is preparing to launch 43 projects across seven major cities in the country. These projects, spanning a total area of 92 million square feet, will cover residential, commercial, and retail sectors in Hyderabad, Delhi, Goa, Bengaluru, Mumbai, Chennai, and Kochi. Additionally, Prestige Estates is also gearing up to start 10 projects in the hospitality sector, featuring 2,034 rooms.
Currently, Prestige Estates has 52 projects under construction, covering an area of 90 million square feet. Alongside these, the company is also building three hotels with 955 rooms. The company holds 260 acres of land in Bengaluru, Mangaluru, Mysuru, and Pune.
In the first quarter of the current financial year, Prestige Estates reported a net profit of Rs 307 crore. However, this is 3.4% lower compared to the same period last year. The company’s revenue for the first quarter of the previous year was Rs 1,680.9 crore, while it increased to Rs 1,862.1 crore in the current year. According to the company’s CMD, Irfan Razack, Bengaluru (43%), Hyderabad (32%), and Mumbai (23%) have shown strong performance in terms of sales. The company plans to expand its operations in the Delhi-NCR region with three new projects in the next quarter (October-December).
Regarding new projects, Prestige Estates is preparing to launch 28 projects in the residential segment, covering an area of 73 million square feet. These projects will be undertaken in Bengaluru, Mumbai, Chennai, Hyderabad, Delhi-NCR, and Goa. The company is currently constructing 39 residential projects across 66 million square feet, with the majority located in Bengaluru, followed by Mumbai and Hyderabad.
Additionally, Prestige Estates is working on five commercial projects spanning 8 million square feet, which will be located in Bengaluru, Chennai, and Kochi. The company is also developing 12 commercial projects covering 23 million square feet in Bengaluru, Mumbai, and Delhi.
In the retail segment, Prestige Estates is constructing a project covering 1 million square feet in Bengaluru. It plans to launch 10 retail projects covering 11 million square feet in Bengaluru, Hyderabad, Chennai, Mumbai, and Goa.
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