Latest news with #PrestigeGroup
Mint
a day ago
- Business
- Mint
Prestige aims to build lavish golf-themed resorts in 3 cities-Goa is one of them
Bengaluru: Leading real estate firm Prestige Group plans to develop lavish golf-themed, resort-style residential projects in Goa, Lonavala and Hyderabad, as it aims to replicate its signature Golfshire property near Bengaluru in other locations, a top company official said. The large-format projects, to be developed on the outskirts of the cities, will bespread across 300-400 acres, and will have a golf course, high-end villas and a hotel and a convention centre. Prestige Golfshire is a 275-acre golf resort at Nandi Hills, on the outskirts of Bengaluru,that has a JW Marriott hotel, premium villas,an 18-hole golf course and a club. A typical four-bedroom villa here starts at ₹14.5 crore. Bengaluru-based Prestige's plans to develop these expansive Golfshire-inspired projects are in line with the concept of large, lifestyle-driven destination projects that are gaining favour among high net worth customers, including top corporate honchos. Locations such as Alibaug and Lonavala, both near Mumbai, for instance, are already seeing interest from developers and buyers alike. 'Each project has to be a minimum 300 acres in size to do such developments. The Golfshire brand is well-established in Bengaluru and we want to now take it to other geographies," Prestige Group chairman and managing director Irfan Razack said in an interview with Mint. Prestige already has access to the land in Goa and Lonavala, while it is in the process of tying up the land on the outskirts of Hyderabad, Razack said. For the Lonavala project, Prestige has partnered with the Mumbai-based Valor Estate, formerly known as DB Realty. 'The Lonavala land parcel spans nearly 400 acres and will feature a golf course with a private club, a luxury hotel with convention facilities, golf villas, apartments and potentially an education hub, which is currently under consideration," said Vinod Kumar Goenka, chairman and managing director, Valor Estate. While the overall investment is still being finalized, the collaboration brings together Valor's legacy in land and location, and Prestige's execution strength to deliver an integrated lifestyle experience, Goenka added. While the demand for second homes gained pace post-pandemic, developers such as Prestige are looking at large projects to create destinations that will cater to a niche, premium customer base. Prashant Thakur, head of research and advisory at property consultancy Anarock Group, said these kinds of lifestyle developments are tailored for high net worth individuals (HNI) and C-suite executives. 'It's a strategic move for any developer to do such projects that can command a 30-50% premium over a regular villa development. They can also offer a recurring revenue stream for the developer," Thakur said. 'Grade A developers such as Prestige and DLF have a captive HNI and NRI customer base, and these projects can offer such buyers an opportunity to invest."
New Indian Express
2 days ago
- Business
- New Indian Express
TCS layoffs could impact housing market in key tech cities
Tata Consultancy Services' (TCS) decision to lay off 2% of its workforce -- impacting over 12,000 employees -- could have ripple effects on India's housing market, particularly in key tech cities such as Bengaluru and Pune. Industry experts warn that if other IT firms follow suit with workforce reductions, it may create uncertainty in the real estate market. 'There is no doubt that TCS is the de facto bellwether of the Indian IT industry, and we can expect uncertainty in the overall housing market if these layoffs do happen – especially if other IT majors follow suit. India's IT sector significantly influences the housing sales market in India, particularly in key IT hubs such as Bengaluru, Hyderabad and Pune, where IT employees account for a sizeable share of mid-and high-value home sales,' Prashant Thakur, Regional Director & Head – Research & Advisory, ANAROCK Group told TNIE. Thakur added that their contribution peaked between 2022 and early 2024, thanks to considerable IT employment spikes, salary increments, and the relocation trends seen after COVID-19. Even in the robust premium housing market, IT professionals contribute to demand. Prestige Group, which has a strong presence on its home turf Bengaluru, however, does not see any major impact of TCS layoffs on housing demand. 'Today, significantly more jobs are being created in Bangalore and other IT hubs across the country in GCCs, tech start-ups, and other IT and AI-related organisations. In Bengaluru alone, more than 1.2 lakh jobs were created in 2024-25 in the tech sector, compared to the 12,000 job layoffs being done across the country by TCS,' Praveer Shrivastava, Sr. Executive VP, Residential, Prestige Group, told TNIE. He added, 'A record 79 million sq ft of office space was absorbed in India in 2024-25, with Bengaluru leading the list at 21.8 million sq ft. So economic activity and demand remain very strong. Demand for real estate is coming from across many segments including IT and as of now we don't see any real impact coming out of the recent newsflow.'
Hindustan Times
14-07-2025
- Business
- Hindustan Times
Prestige Group plans to shift focus to the ₹2–3 crore mid-market homes amid rising demand from salaried homebuyers
Bengaluru-based Prestige Group is planning to shift focus to the mid-market housing segment in the ₹2 to ₹3 crore range to tap into growing demand from salaried homebuyers seeking quality homes. Bengaluru-based Prestige Group is planning to shift focus to the mid-market housing segment in the ₹ 2 to ₹ 3 crore range to tap into growing demand from salaried homebuyers. (Picture for representational purposes only)(Pexels) 'The pivot this year is a conscious move towards mid-segment housing, which continues to see strong demand, especially in tech-driven cities like Bengaluru and Hyderabad,' Praveer Srivastava, senior vice president at Prestige Group, told He said that the sweet spot lies in the ₹2 to ₹3 crore range, targeting salaried homebuyers seeking quality homes. 'We're tailoring our portfolio to cater to this demand,' Srivastava said. "Last year, the group focused heavily on luxury launches such as Prestige White Meadows and Raintree Park in Bengaluru, with ticket sizes going up to ₹6.5 crore. This year, the sweet spot is in the ₹2–3 crore range," Srivastava said. In Bengaluru, the group is launching apartments in Whitefield, Bannerghatta Road, and Kanakapura Road, with an overall city-wide launch pipeline of ₹2,000 crore for the fiscal. Also Read: Bengaluru-based Prestige Group to launch ₹50,000 crore worth of homes in FY26 Looking to develop villas after a major gap Srivastava said that Prestige Group is planning to foray into the high-end villa market, with new projects planned in Bengaluru, Hyderabad, and Goa. The luxury villas, priced between ₹10 and ₹15 crore, will cater to buyers seeking premium living experiences. In Bengaluru, the villas will be standalone units, while in Hyderabad, they will be part of the expansive Prestige City township. In Goa, the group is currently designing a blend of independent villas and gated villa communities, he said. In the plotted development segment, Srivastava said that Prestige Gardenia in North Bengaluru, an 800-plot project, is nearly sold out. Each plot is priced at approximately ₹1.5 crore. Overall, Prestige plans to launch ₹1,500 crore worth of plotted development projects in Bengaluru alone this year, tapping into strong demand for land parcels in well-planned communities. Also Read: Bengaluru-based Prestige Estates aims to 'rewrite the way real estate is done' in NCR To target ₹ 50,000 crore of home sales by FY28-29 The Group said it targets to clock ₹50,000 crore of home sales by FY28-29. Last year the company closed a sale of ₹17,000 crore. 'Q1 of the current fiscal will be our biggest quarter yet,' said Srivastava. 'We've already launched projects worth over ₹10,000 crore and are looking to clock ₹14,000–15,000 crore GDV of launches by the end of the quarter. We are targeting ₹50,000 crore GDV worth of project launches across Goa, Bengaluru, Delhi, Hyderabad, Chennai, and Mumbai over the current financial year,' he said. With a presence in six major Indian cities, Prestige Group is now gearing up to expand into new markets as part of its broader growth strategy. The company is eyeing entry into key urban hubs such as Pune, Gurugram and Noida, regions it has previously stayed out of but now views as high-potential real estate corridors. 'We're exploring opportunities in Pune, Gurugram, and Noida. These are markets we weren't present in earlier but see immense growth potential,' Srivastava said. 'These cities have evolving residential landscapes and a growing appetite for quality housing, especially in the mid-segment.' However, the group clarified that it will not entirely abandon marquee developments. 'While our focus is on scale and addressing real market demand, we won't shy away from delivering landmark projects in India's most elite locations. Prestige has always been associated with aspirational living, and we intend to keep that DNA alive,' Srivastava added.
New Indian Express
12-07-2025
- Business
- New Indian Express
‘Sticker shock' jolt ousts home buyers
Absurdly high prices for residential property have got to a point where consumers are pushing back. Both home sales and fresh construction have taken a hit in the first 6 months of the current calendar, and the downward trend is likely to continue for some time. In what industry pundits are calling the 'sticker shock', first-time home buyers are flabbergasted by the high prices being quoted by builders. Preferring to withdraw from the market, some continue on rent; others lick their wounds and save their fight for another day. Sample these: The Aditya Birla Group's Niyaara project in Worli, Mumbai – three residential towers on land which was once Century Textile Mills – has priced two-bed apartments under 1,000 sq ft between Rs 6.5 and 10 crore. A broker's flyer sent to this writer quoted a Niyaarafour-bed,3,034 sq ft duplex flat at Rs 30.82 crore! Jasdan Heights, a Prestige Group project near Mahalaxmi, is pegging a three-bed apartment at Rs 8.5 crore. Effectively, these under-construction projects, cost an outrageous Rs 65,000 to Rs 1 lakh a square foot. Pune, which has a robust middle income residential property market, has recently been in the news for falling sales. From January to June this year, there were just 33,510 units sold – a 29 percent drop from the 44,135 units sold in the same January-June period of 2024. Calling it a 'sticker shock', Pune developer Rohit Gera likened it to going to buy a bottle of shampoo, but then walking away after seeing a price tag of Rs 1,200. Falling sales
Business Standard
09-07-2025
- Business
- Business Standard
Prestige Estate records 300% YoY growth in sales in Q1
Prestige Estates Projects said that its sales for Q1 FY26 aggregated to Rs 12,126.4 crore, marking a 300% growth over the same period last year. Sales volume for the period under review stood at 9.55 million square feet, a 234% increase YoY. The company sold 4,718 units in Q1 FY26. Average realization stood at Rs 13,339 per square foot for apartments while plotted developments fetched Rs 7,343 per square foot in Q1 FY26. The collections jumped 55% YoY to Rs 4,522.7 crore in Q1 FY26. The company launched four residential projects totaling 14.94 million square feet during the quarter, including its first-ever launch in the NCR region. These launches featured a mix of plotted developments and integrated townships, catering to diverse homebuyer segments. Irfan Razack, chairman and managing director, Prestige Group, said: Q1 FY26 has been a milestone quarter for Prestige, with significant progress across multiple fronts. We made a strong entry into the NCR market with the launch of The Prestige City, Indirapuram, which received an exceptional response with about 80% of the inventory sold at launcha clear reflection of customer confidence and our growing brand equity in North India. This played a key role in delivering our highest-ever quarterly sales and collections. We also marked our first completions in Mumbai, further reinforcing our execution capabilities in Indias most dynamic cities. In parallel, the filing of the DRHP for our hospitality platform signals our intent to unlock long-term value across verticals. This quarter reflects the momentum, diversification, and execution strength driving the next phase of Prestiges growth. Prestige Group is one of Indias most respected and diversified real estate developers, with a legacy of almost four decades and a portfolio spanning residential, commercial, retail, hospitality, and integrated townships across major cities. The companys consolidated net profit declined 82.1% to Rs 25 crore on 29.4% fall in net sales to Rs 1528.40 crore in Q4 FY25 over Q4 FY24. The counter declined 0.66% to settle at Rs 1649.35 on the BSE.
