Prestige Group: A Decade of Dominance in Indian Real Estate
Bengaluru – Over the past decade, the Prestige Group has solidified its position as one of India’s leading real estate developers, leaving a lasting mark across diverse asset classes. Founded in 1986 by CMD Irfan Razack and his brothers Rezwan and Noaman Razack, the company has expanded into a diversified portfolio, including interior design (Morph Design Company), men’s fashion (Prestige Fashions), and a strong presence in residential, commercial, retail, leisure, and hospitality sectors. Prestige stands out as the only South Indian developer with such a comprehensive portfolio.
A Legacy of Innovation and Firsts
Synonymous with innovation, the Prestige Group has pioneered numerous landmark developments and introduced many firsts to the South Indian real estate market. Their commitment to quality and forward-thinking design has earned them a CRISIL DA1+ rating and an ICRA A+ credit rating.
Impressive Portfolio and Future Plans
The group’s track record includes over 300 completed projects spanning more than 180 million sq ft of developable area. Currently, they have 56 ongoing projects covering 86 million sq ft and a robust pipeline of 43 planned projects encompassing 85 million sq ft. As of September 2023, their land bank exceeds 728 acres, positioning them for continued growth.
₹30,000 Crore Housing Push: Capitalizing on Demand
Prestige Estates Projects is poised to launch ₹30,000 crore worth of housing projects in the current quarter across key cities like Bengaluru, Delhi-NCR, Chennai, and Mumbai. This strategic move aims to capitalize on the robust consumer demand in the residential real estate sector. The success of this ambitious plan hinges on securing timely regulatory approvals for several major projects nearing completion. These “high-velocity projects” are designed for rapid and efficient execution and will be rolled out shortly across India’s major metropolitan areas.
Prestige’s Presence in the Chennai City
Prestige has a strong presence in Chennai, offering a variety of residential options to cater to diverse needs and budgets. Some notable projects in Chennai include:
- Prestige Windsor Park: Ready-to-move-in apartments in Vanagaram, offering 1, 2, and 3 BHK configurations starting from ₹78.5 lakhs onwards.
- Prestige Silver Springs: Villa-type projects featuring 4 BHK units in OMR, with prices starting from ₹6.55 crore onwards.
- Prestige Bella Vista: Apartments in Porur offering 3 and 4 BHK options, starting from ₹1.22 crore onwards.
- Prestige Courtyards: Apartments in Sholinganallur with 1, 2, and 3 BHK configurations, starting from ₹44.5 lakhs onwards. This project has received its Occupancy Certificate (OC).
Multi-Business Model and National Presence
Prestige operates a diversified business model with a presence in residential, commercial, retail, hospitality, property management, and warehousing segments. Their operations span 13 prime locations across India, showcasing their nationwide reach. Currently, they have 59 ongoing projects totaling 101 million sq ft and 65 upcoming projects covering 96 million sq ft.
Strong Sales Performance and Future Guidance
The company’s full-year sales guidance is ₹24,000 crore. In its recent investor presentation, Prestige reported impressive sales figures for the first three quarters of the financial year: 8.09 million sq ft sold at an average realization of ₹13,128 per sq ft, resulting in a total sales value of ₹10,065.7 crore.