Prestige Group Plans Mid-Segment Housing in Thane, Panvel
After establishing a presence with luxury projects in Mumbai's prime locations like Marine Lines, Pali Hill, Mahalaxmi, and Mulund, Prestige Group is shifting its focus to the mid-segment housing market in the Mumbai Metropolitan Region (MMR). According to Irfan Razack, Chairman and Managing Director of Prestige Group, the company is exploring opportunities in Thane, Panvel, and other areas to cater to mid-income homebuyers.
Razack emphasized the company's strategic approach, stating, "We recognize the need to develop products that appeal to the mid-income group. Therefore, we are actively seeking opportunities in Thane, Panvel, and similar locales." Despite the enthusiasm, he mentioned that no commitments would be made until the ongoing projects are successfully launched.
Expansion Beyond Mumbai
Prestige Group, a Bengaluru-based real estate developer, currently operates projects in some of Mumbai's most sought-after areas, including Marine Lines, Pali Hill in Bandra, Mahalaxmi, and Mulund. With a robust pipeline of projects worth ₹60,000 crore nationwide, the company is set to make significant strides in the real estate sector.
Delhi-NCR Projects Near Approval
In addition to its plans in MMR, Prestige Group is advancing its footprint in Delhi-NCR. Razack revealed that three major projects are in the approval stage, located in Sector 150, Noida, Indirapuram, Ghaziabad, and Kasturba Gandhi Marg in Connaught Place. These projects are expected to generate substantial revenue once approved, contributing to the company's optimistic outlook.
Impressive Sales and Future Plans
In April 2024, Prestige Group announced achieving property sales worth ₹21,040 crore in the fiscal year 2023-24 (FY24). The company has completed 150 projects spanning 127 million sq ft, with an additional 37 projects covering 65 million sq ft currently underway. Looking ahead, Prestige Group has 30 upcoming projects planned, which will extend across 75 million sq ft.
Razack expressed confidence in the company's future sales performance, stating, "We are bullish and positive that our upcoming projects will translate into sales with ease."
Commitment to Mid-Segment Market
Prestige Group's decision to venture into mid-segment housing reflects its commitment to addressing the diverse needs of the housing market. By expanding into Thane and Panvel, the company aims to offer affordable yet quality housing options to mid-income families, further solidifying its presence in the competitive real estate landscape.
With a clear focus on both luxury and mid-segment markets, Prestige Group continues to demonstrate its versatility and strategic planning in meeting the evolving demands of homebuyers across India.
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