- It decides to invest funds in office space development
- It plans to launch over 12,000 units
The Bangalore-based Prestige Group this year planned to launch construction of over 12,000 units this year. Similarly, it plans to make an investment of Rs 10,000 crore in office space development to earn Rs 2800 crore revenue in the next five years with the help of its commercial department. It will construct 5000 units each in Bangalore and Hyderabad, 2000 units in Pune, 400-700 units in Mumbai.
Prestige Group Business Development executive director Swarup Manish said that the group decided to focus on launching of projects with unit costing exceeding Rs 2.5 crore. As part of the Prestige’s City Wing project, a township is likely to be developed in Hyderabad in 200 acres. The company also has plans to start residential projects in Delhi. The company plans project launches to develop 40 million sft of office space in Delhi, Hyderabad, Pune, Bangalore, Chennai and Kolkata in the next five years. The company is already executing 4 million sft office space in Kurla Complex of Bandra area of Mumbai.
Prestige Office Ventures CEO Jagadip Singh said that the nation’s tallest office complex in Mahalakshmi area of Mumbai with one of the towers reaching a height of over 300 meters, taller than the Eiffel Tower of France. While one tower would have 68 floors, the other towers would have 38 floors. It has plans to develop 50 million sft of office space in Bangalore. Moreover, it will also build a data center in Bangalore with 100 MW capacity.
The data center will become operational in 12 to 18 months. The company also focused attention on development of ware houses. As such it plans to build two warehouses each having a storage capacity of five to six million sft. Similarly, it has plans to develop nine shopping malls with a total plinth area of 8 million sft in Hyderabad, Bangalore, Chennai and Kochi.
