The opportunity in residential real estate has prompted the Prestige group to set up and maintain two real-estate-focused alternative investment funds in the range of $500 million.
The news about the investment fund is from an undisclosed resource who is known about the topic and is yet to get an official statement from the Prestige group or its representatives.
The funds are to be targeted at institutional investors and high-net-worth individuals. Projects currently under the National Company Law Tribunal (NCLT) will also be targeted with the funds for revival including the stressed residential projects.
The setup of the intended fund is understood to be in two streams as the initial response from the institutional investors and the high-net-worth individual is good and encouraging.
The geographical interests are in the major cities like Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, National Capital Region (NCR), and Ahmedabad which are promising cities for major residential projects.
The credibility of the Prestige group with their experience in real estate development has been a prime reason for the encouraging response in the initial stage.
The Prestige Estates recorded sales of about Rs. 7300 crores in the Q3 results clearly paving way for Rs. 10,000 crore sales by year-end. The group has about 83 million sq. ft of residential projects in the development stage and pipeline.
Prestige Elm park is also an attractive investment property for luxury apartments whose value is going to skyrocket in the upcoming years.