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

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.”

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.

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.

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.