Prestige Group to launch luxury housing project

Bengaluru-based Prestige Estates Projects Ltd plans to develop a luxury housing project in central Delhi in partnership with a local realty 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 constructing a commercial project in Aerocity, Delhi while partnering with ACE group for a mid-income housing project in Sector 150 Noida.

"The approval for Noida Sector 150 has been stuck for a long time. We are waiting for the approvals for launching a 15 acre mid-income housing project," said Razack, the Chairman and Managing Director of Prestige Group.

He was speaking on the sidelines of the CREDAI-NATCON event in Egypt held on October 5-8. "We have taken one very high-end development in KG Marg, Delhi. It's a JDA (joint development agreement) with TDI. We have just done the initial term sheet. We have done initial payment to Indiabulls to clear some debt," Razack said.

The land size in KG Marg, Delhi is about an acre, he said. "The project is under the planning and approval stage. We hope to launch this project in this fiscal itself," he said. The Aerocity commercial project, which has two big hotels, will be completed by 2025-26. Razack said the company is looking at Delhi-NCR for more residential projects. On the operational performance,

Prestige Estates expects its sale bookings to rise 55 per cent this fiscal to touch an all-time high of Rs 20,000 crore driven by strong demand for residential properties. Its sales booking 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 guided around Rs 16,000 crore (for the entire 2023-24). But having done Rs 11,000 crore of sales in the first six months, the team is very confident. Once all the approvals come and launches happen, we should cross Rs 20,000 crore," Razack said.