Prestige Group to launch luxury housing project in Delhi’s KG Marg this year

[ad_1]

Bengaluru-based Prestige Estates Projects Ltd plans to develop a luxury housing project in central Delhi in association with a local real estate firm and is looking for more land in Delhi-NCR to build residential properties, its CMD Irfan Razack said.

Prestige Estates had forayed into the Delhi-NCR market a few years ago. It is already building a commercial project in Aerocity, Delhi, while partnering with ACE group for a middle-income housing project in Sector 150 Noida.

“The approval for Noida Sector 150 has been stuck for a long time. We are waiting for approvals to launch a 15-acre middle-income housing project,” said Razack, chairman and managing director of Prestige Group.

He spoke on the sidelines of the CREDAI-NATCON event in Egypt held from October 5 to 8.

“We have chosen a very high-end development in KG Marg, Delhi. It is a JDA (joint development agreement) with TDI. We have just drafted the initial term sheet. We have made the initial payment to Indiabulls to clear some of the debt” , Razack said.

The size of the land in KG Marg, Delhi, is about one acre, he said.

“The project is in the planning and approval stage. We hope to launch this project in this fiscal year,” he said.

The Aerocity commercial project, which has two large hotels, will be completed in 2025-26.

Razack said the company is looking in Delhi-NCR for more residential projects.

In terms of operational performance, Prestige Estates expects its sales bookings to increase by 55 per cent in this fiscal year to hit an all-time high of Rs 20,000 crore driven by strong demand for residential properties.

Its sales book stood at Rs 12,931 crore in 2022-23.

“We have done pre-sales of around Rs 11,000 crore in the first two quarters. We had forecast around Rs 16,000 crore (for the whole of 2023-24). But after having done sales of Rs 11,000 crore in the first six months, “the team is very confident. Once all the approvals come and launches are done, we should cross Rs 20,000 crore,” Razack said.

He was very optimistic about the demand for residential properties in all price ranges.

“There is a huge demand for housing. We have a strong brand to capitalize on it. The sector is going through a consolidation process. Therefore, there is immense potential for growth,” Razack said.

He said the company has a busy pipeline of launches for the second half of this financial year in major cities including Bengaluru, Hyderabad, Chennai and Mumbai.

It also plans to launch luxury housing projects in Goa and Delhi.

During the April-September period of this financial year, Prestige Estates sold an area of ​​10.7 million sq ft for Rs 11,007 crore. Altogether 5,935 units were sold.

The company achieved an average realization of Rs 10,338 per sq ft for apartments/villas. The average realization of the plot was Rs 4,825 per sq ft.

Prestige Estates inaugurated 16.20 million square feet of area and completed 8.11 million square feet during the first six months of this fiscal year.

Prestige Group, one of the country’s leading real estate developers, has a legacy of more than three decades in real estate development.

It has diversified its business model into various segments (residential, office, retail, hospitality, property management and warehouses) with operations in over 12 major locations in India.

Prestige Group has completed 285 projects covering a developable area of ​​170 million square feet and has 54 ongoing projects across segments, with a total developable area of ​​75 million square feet.

Additionally, it is planning 48 projects spanning 99 million square feet. The group owns a land bank of over 710 acres as of June 2023.

(Only the title and image of this report may have been modified by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

[ad_2]
Source link

Check Also

We have to win the polls first, says Kharge on INDIA bloc PM election | Lok Sabha Election News | Trending Viral hub

[ad_1] Congress president Mallikarjun Kharge during a press conference for the release of the party’s …

SC slams EVM critics, says no attempt should be made to bring down system | Lok Sabha Election News | Trending Viral hub

[ad_1] 5 minutes of reading Last update : April 17, 2024 | 00:21 IS The …

Smartmatic and OAN settle defamation lawsuit | Trending Viral hub

[ad_1] Election technology company Smartmatic settled Tuesday in its defamation lawsuit against One America News …

Leave a Reply

Your email address will not be published. Required fields are marked *