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In a major push for India’s commercial real estate market, Prestige Group is planning a large-scale office expansion worth Rs.12,000 crore through its office vertical, Prestige Office Ventures. The company aims to grow its total office portfolio to 30 million sq. ft by April 2028 and earn an annual rental income of Rs. 3,200 crore by December 2028.
“We are definitely going to grow this office business,” said Juggy Marwaha, CEO, Prestige Office Ventures, in an interview with Moneycontrol. “We currently have over 17 million sq. ft of office space under construction with 7.5 million sq. ft in Mumbai alone and another 10 million sq. ft spread across Bengaluru, Hyderabad, and Chennai. By the end of FY27, we expect 17–18 million sq. ft of new space to become operational, taking our total portfolio to 30 million sq. ft by April 2028.”
Of this, about 12 million sq. ft comprises completed assets.
In Delhi-NCR, the developer has recently completed 7 lakh sq. ft of office space in Aerocity and is now planning one or two additional projects in Gurugram and Noida. The group is also entering the data centre infrastructure segment with a 100 MW facility for NTT in Bengaluru.
According to Marwaha, the upcoming expansion will involve a total investment of around Rs. 12,000 crore. “Typically, around 20 million sq. ft under construction at an average cost of Rs. 6,000 crore would translate to Rs. 12,000 crore investment. By 2028-29, we expect to generate a net operating income of Rs. 3,200 crore per year,” he said.
Diversifying into Data Centres
Prestige is betting big on data centres to complement its office business. The company recently signed an MoU with the Maharashtra government to develop data centre facilities in Talegaon near Pune, focusing on core and shell structures with last-mile power infrastructure.
“We will host these buildings for hyperscale’s like NTT and AWS, who can come and lease the space. The timeline for these projects is about three to five years,” said Marwaha, adding that Mumbai, Chennai, and Delhi-NCR are among the key markets for this new vertical.
Rentals on the Rise
Despite global headwinds, Marwaha is bullish about the demand for Grade-A office spaces in India. “Office markets are quite hot right now. Due to strong demand, we see rentals rising in Bengaluru. I anticipate a 15–20% increase in office rentals within a year,” he said.
The same trend, he noted, is visible in Hyderabad and Gurugram. “Office properties along Bengaluru’s Outer Ring Road are already commanding rents above Rs. 100 per sq ft. The myth of $1 rentals is gone and average rents for Grade-A spaces are now around $1.20 per sq ft and could soon touch $1.50,” he added.
Industry experts say the current demand surge is being driven by global capability centres (GCCs), technology companies, and Indian corporates consolidating their operations into premium, energy-efficient buildings.
With one of the largest office development pipelines in the country, Prestige Office Ventures is positioning itself as a key player in India’s next phase of commercial real estate growth.
