Prestige Group targets Rs 16,000 crore of residential sales in FY24

Prestige Park Grove - Front 1

Bengaluru: Prestige Group, has outlined its plans to launch approximately 18 million square feet of residential property across several cities in India in FY24. The CEO, Venkat K Narayana, has stated that the upcoming launches will occur in Bengaluru, Hyderabad, Mumbai, Chennai, and Kochi.

The company is also foraying into Delhi-NCR within Q4 of this year or early FY25. The company plans to develop more than 10 million square feet in Bengaluru this year, with a focus on areas including Whitefield, Varthur, and Electronic City. More than 70 percent of the upcoming residential launches in Bengaluru will be in the mid-segment, with a ticket size of Rs 1.5-2 crore.

The company currently has more than 450 operational villas in Bengaluru and is looking to acquire more in the fourth quarter of this year with a ticket size of more than Rs 3 crore. In the first quarter of FY24, the company spent around Rs 1,200 crore on residential construction and Rs 350 crore on office spaces.

The CEO added that in FY25, residential launches will be upwards of 20 million square feet with the addition of new places to the portfolio. The company plans to launch about 6.64 million square feet of residential developments in Hyderabad in FY24.

Last month, the company launched its biggest township in Hyderabad, with about 5,000 units. The company has 174 million square feet of ongoing or upcoming projects across all segments. Of this, 99 million square feet is ongoing, with 76 million square feet in residential, 15 million square feet in office spaces, and the rest in hospitality and retail. The company plans to launch more than 20 million square feet of office space in Bengaluru in two to three years. It has already launched four office parks in Bengaluru, with one yet to be launched in east Bengaluru.

Over the next 3-4 years, we will invest about Rs 5,000 crore in the commercial segment, eyeing a rental income of Rs 3,000 crore.”

Venkat K Narayana, CEO – Prestige Group

In Bengaluru, the company is optimistic about areas like north Bengaluru, Outer Ring Road, and Whitefield for office developments.

In Mumbai, it is the Bandra Kurla Complex and Mahalakshmi. The company has invested about Rs 16,079 crore towards ongoing and upcoming commercial projects. Of the total capex, more than 75 percent has been invested in ongoing projects. Additionally, the company is set to launch three malls in Bengaluru within the next financial year. “We have a total of 8 million square feet of mall space under construction and yet to be launched across Bengaluru, Chennai, and Hyderabad. All of them will be launched within the second quarter of FY25,” Narayana added.

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