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The Prestige Group is set to venture into the Pune real estate market in 2024, intending to launch 1 million square feet of residential units with an estimated revenue potential ranging from Rs 750 crore to Rs 1,000 crore, according to Tariq Ahmed, the CEO of the company's operations in west India. Additionally, the Bengaluru-based developer plans to introduce 3 million square feet of property in Mumbai, projecting a top-line of Rs 15,000 crore for the next year. While the Prestige Group currently only has a commercial portfolio in Pune, the focus in this market will cater to areas favoured by the IT and tech community, aligning with the brand's presence in Bengaluru, but the group remains open to compelling opportunities beyond Mumbai and Pune.
Over the past 18 months since April 2022, the company has launched 2.5 million square feet in Mumbai, with 70% of the properties already sold, amounting to a top line of approximately Rs 6,500 crore. The Prestige Group plans to unveil three projects covering 3 million square feet over the next year, including two in south Mumbai. One of the flagship projects, known as Prestige Ocean Tower, has received regulatory approval and is situated in Marine Lines, offering luxury developments with breath-taking views of the Queen's necklace and the Arabian Sea.
In the Mumbai suburbs, the company is exploring residential projects, with a particular focus on areas where prices range from Rs 25,000 to Rs 35,000 per square foot. The emphasis is on projects with a scope of 1 to 2 million square feet, aiming to complement the Mumbai real estate market rather than competing with existing developments. In the commercial segment, Prestige Group anticipates having 6.92 million square feet of Grade A office space in Bandra Kurla Complex (BKC) and Mahalaxmi within the next three years. Furthermore, there are plans to expand the commercial portfolio in the Mumbai Metropolitan Region (MMR).
Explaining the expansion into Mumbai, Ahmed highlighted the market size and opportunity presented by the Mumbai Metropolitan Region, which prompted the Prestige Group's entry into this market. The disparity in selling prices, with Bengaluru averaging Rs 8,000 to Rs 10,000 per square foot compared to Mumbai's rate of Rs 30,000 per square foot, plays a significant role in the strategic decision, allowing for a higher top line and capitalizing on the lucrative real estate landscape in Mumbai.
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