For the next 4-5 years, the Prestige group has plans to invest over Rs 7,500 crore to develop properties in the country’s biggest and most expensive property market. This investment will be done across six properties and will consist of hospitality, office, and residential developments in the key locations which include South Mumbai’s marine Lines and Mahalaxmi locality, Worli, Bandra, the central business district of Bandra Kurla Complex (BKC), and Mulund suburb of the city.
Mumbai is the leading commercial hub in India, as it is the state recording the highest collections of GST in India and contributes to 15% of GST of the overall Indian economy. Irfan Razack, CMD, Prestige Group, told ET, that they are looking forward to establishing their presence in the western region of Mumbai.
A record pre-sales collection of about Rs 10, 000 crores has been reported in the financial year 2021-22 by its projects in 12 locations across India. The residential and commercial projects have been started in South Mumbai’s Bandra’s Pali Hill, Mahalaxmi, BKC, and Yogi Hills of Mulund.
The Prestige group has already added around Rs 3000 crore in alliances and acquisition of projects formed in Mumbai. Out of the proposed total developments, the two projects are spread over a 6.5million sq. ft. and will be office space developments in BKC and Mahalaxmi. There will also be a five-star category Hotel, said Venkata Narayana.
The project in Mahalaxmi, which is one of the ongoing developments in Mumbai, is spread at around 2 acres. This offers 233 premium apartments which are supersized. The Mulund suburb project will house premium commercial, residential, and high street retail spaces with a proposed hospital and school which will be spread over 30- acres.
Two land parcels of 30 acres in Mulund and 2 acres in Mahalaxmi have been acquired by the company out of the 6 projects. Over Rs, 800 crores have been invested by the company for these acquisitions of land. The prestige group has entered into two alliances with DB reality and one with ABIL and the Project in Pali hill is a redevelopment society plan. While in Bangalore Prestige Group is launching Prestige Elm Park for those looking out for Ultra Luxury in the midst of Whitefield,
268 projects have been completed by Prestige group and over 151 million sq. ft. has to be delivered as of 2021-22. There are around 45 ongoing projects with 65 million sq. ft. space across segments. An additional 70 million sq. ft. projects are in the planning phase. Apart from a few more land banks in its portfolio.
In the backdrop of robust demand, returns, and sale momentum, many real estate developers from the south of India have ventured into the Mumbai property market. New benchmarks have been set by Mumbai with property transactions each month after the announcement of a limited-window stamp duty reduction in 2020 by the state government.
A surge in the transaction numbers across segments including mid-income, luxury and affordable housing has been observed after the reduced stamp duty. In March 2021 even though the lower stamp duty benefit window period ended, the property markets across Maharashtra’s key cities are still witnessing robust activity