by THO
Bengaluru-based real estate conglomerate, the Prestige Group, has 43 upcoming projects spanning a total of 92 million square feet across its residential, commercial and retail portfolios, according to details shared by the company in its investors’ presentation.
These projects will be spread across seven cities – Hyderabad, Delhi-NCR, Goa, Bengaluru, Mumbai, Chennai and Kochi.
Additionally, it has 10 projects set to be launched in the hospitality segment involving 2,034 keys.
The company presently has 52 ongoing projects, spanning a combined developable area of 90 million square feet, alongside three hotels including 955 keys, the presentation showed.
As per details cited in the presentation, the company presently holds a land bank totalling 260 acres across Bengaluru, Mangaluru, Mysuru and Pune.
Also Read: Prestige Estates eyeing four project launches across Mumbai and Bengaluru in Q2 FY25
Prestige Estates reported a consolidated net profit of ₹307 crore in the first quarter of FY25, down 3.4% from the same period last year. The realty firm’s revenue from operations stood at ₹1,862.1 crore during the three-month period against ₹1,680.9 crore in the corresponding quarter last year. Company CMD Irfan Razack announced a robust sales performance across key regions like Bengaluru (43%), Hyderabad (32%), and Mumbai (23%).
The realty player is expected to expand its footprint to the Delhi-NCR market in the next fiscal quarter (October-December) with three projects, Razack said during the investors’ call.
Housing projects pipeline
In the residential segment, Prestige Estates has 28 upcoming projects, including a developable area of 73 million square feet. These projects will be undertaken in Bengaluru, Mumbai, Chennai, Hyderabad, Delhi-NCR and Goa.
The company currently has 39 residential projects that are under construction with a combined developable potential of 66 million square feet. A majority of these are in Bengaluru, followed by Mumbai and Hyderabad.
During the April-June quarter, Prestige Estates launched two residential projects, spanning 1.86 million square feet cumulatively, in the IT capital.
Commercial projects
The company has five commercial projects on the anvil, with a combined developable potential of 8 million square feet. They will be centered in Bengaluru, Chennai and Kochi, per the investor presentation.
Prestige has another 12 projects under-construction (23 million square feet), across Bengaluru, Mumbai and Delhi.
Retail projects
Prestige currently has one retail project that is under construction in Bengaluru, spread across a million square feet. Future plans include 10 projects spanning 11 million square feet across Bengaluru, Hyderabad, Chennai, Mumbai and Goa.
Also Read: Prestige Estates’ board approves fund raise of ₹5000 crore via QIP or other modes
