The Prestige Group plans to enter the Pune real estate market in 2024 by launching 1 million square feet of residential units with revenue potential of Rs 750 crore to Rs 1,000 crore. The Bengaluru-based developer also plans to launch 3 million sq. ft of property in Mumbai with a topline of Rs 15,000 crore next year, Ahmed said.
The Prestige Group currently has only commercial portfolio in Pune. The focus in Pune will be areas preferred by the IT and tech crowd that can identify with the brand because of its presence in Bengaluru. But the group is open to compelling opportunities outside Mumbai and Pune too, Ahmed added.
According to the company, it launched 2.5 million sq. ft in Mumbai in the 18 months since April 2022, of which 70 percent has been sold. The topline of the 2.5 million sq. ft property is about Rs 6,500 crore.
The company plans to launch three projects with an area of 3 million sq. ft over the next 12 months, of which two will be in south Mumbai. One of the planned marquee south Mumbai projects received a regulatory ID on December 18.
The projects in Mumbai – upcoming and previously launched – will cover 5.5 million sq. ft. The total topline of all projects will be about Rs 22,000 crore, Ahmed said. Prestige is also exploring the suburbs of Mumbai or Thane near Mumbai for residential projects.
In the commercial segment in Mumbai, the company will have 6.92 million sq. ft of Grade A office space over the next three years in Bandra Kurla Complex (BKC) and Mahalaxmi. It plans to expand its portfolio in the Mumbai Metropolitan Region (MMR).
