Prestige Group planning mid- segment housing projects in Thane, Panvel near Mumbai

Prestige Group is planning to launch mid-segment housing projects in Thane and Panvel. It is currently present in Marine Lines, Pali Hill, Mahalaxmi and Mulund

Published on: Jun 17, 2024, 09:54:52 IST

By Mehul R Thakkar

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After launching luxury projects in marquee locations of Mumbai, listed real estate developer Prestige Group is now planning to launch mid-segment housing projects in Mumbai Metropolitan Region (MMR) in areas such as Thane or Panvel, said Irfan Razack, Chairman and Managing Director of Prestige Group.

Prestige Group is planning to launch mid-segment housing projects in Mumbai Metropolitan Region (MMR) in areas such as Thane or Panvel, said Irfan Razack, Chairman and Managing Director of Prestige Group. (Representational photo) (Bachchan Kumar/HT PHOTO)

Prestige Group, the Bengaluru-based company, currently has projects in Marine Lines, Pali Hill area of Bandra, Mahalaxmi and Mulund. According to the company, it has projects worth ₹60,000 crore in its pipeline across the country.

Prestige Group conscious of catering to mid-segment homebuyers

The company is conscious of catering to mid segment homebuyers.

"We are also conscious that we need to get into a product which is appealing to the mid-income group. And hence, we are looking at various opportunities in Thane, in Panvel, and other places," Razack added.

He said there are many opportunities but “we will not want to make commitments until the projects at hand get launched.”

Also Read: Election 2024 result impact: Maharashtra's real estate market may go into a wait and watch mode ahead of assembly polls

Delhi-NCR projects in the approval stage

According to Razack, the company's projects in Delhi-NCR are in the approval stage.

There are three large projects which are under approval, one in sector 150, Noida, one in Indirapuram, Ghaziabad and the other in Kasturba Gandhi Marg in Connaught Place area. Once all these three get done, there will be substantial revenue that will come from these projects, he said.

“So we are pretty bullish, we are pretty positive that all this will transfer to sales, and I think it will be easy lifting, not heavy lifting," Razack said.

Also read: Prestige Group expands footprint in Delhi-NCR; acquires 62.5 acres in Ghaziabad for a township project

Plans for enter Pune

The Bengaluru-based real estate developer, apart from Mumbai and Delhi-NCR, is also planning to enter the Pune real estate market with its first residential project.

The company had said in December 2023 that it will launch housing projects spread across around 1 million sq ft in the Pune real estate market.

Also read: Prestige Estates share price hits all-time high, CLSA retains 'buy' with 16% upside

Prestige Group had in April 2024 announced that it clocked ₹21,040 crore worth of property sales in fiscal year 2023-24 (FY24).

The company has so far completed 150 projects of 127 million sq ft, 37 projects of 65 million sq ft and has upcoming 30 projects spread across 75 million sq ft.

ABOUT THE AUTHOR
Mehul R Thakkar
Mehul R Thakkar is a Mumbai-based journalist who closely tracks the city’s ever-evolving real estate landscape. He believes that Mumbai presents a unique reality that, while Mumbaikars deeply aspire to own a home in the city of dreams, many spend little actual time living in it due to long commutes and demanding work lives. With over 11 years of experience in journalism, I have reported across a wide spectrum of beats, including real estate, housing, infrastructure, aviation, and education. I have also extensively covered the workings of India’s wealthiest civic body, the Brihanmumbai Municipal Corporation (BMC), providing insight into the policy, governance, and urban planning decisions that directly influence Mumbai’s growth. Before joining Hindustan Times, I worked in fast-paced digital and print newsrooms, including Moneycontrol.com and Deccan Chronicle, as well as national dailies such as The Asian Age and DNA. Outside the newsroom, I am an avid weather tracker, a fan of spy thrillers in both books and films, and a keen follower of international affairs.Read More

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