Prestige Group to Enter Pune, Mumbai

Saturday 16th February, 2019

Article Details
Publication  The Economic Times
Source  Bureau
CCM  28.67
Edition  Bangalore | Mumbai
Supplement   NA
MAV  90,023
Language  English
Page  5
Circulation  50,760

  • View Image
  • View PDF

Prestige Group to Enter Pune, Mumbai
Bengaluru:bengal uruk kk based real estate developer Prestige Group is all set to enter the Pune markets with 2 +, the launch of residential and' commercial projects, reports A Sobia Khan. the first such residential project will come up in Byculla, South Mumbai, A with saleable area of Whe, 5,00,000 sqft, while a A commercial project
spread over i million sq ft will come up in 5 Pune in a tie-up with a local landlord. we have entered into a partnership with New
== Consolidated Construction to develop a residential project plan to launch this project in the first quarter of the upcoming financial year (2019-20) ,'' said Prestige Group CEO VenkatK Narayana.
The firm is also entering Pune's commercial market to expand its geographical reach by setting up
a million sq ft of office project, with a total investment of 2250 crore.
Separately, the group is looking to buy land parcels under the z2500-crore HDFC Capital Advisors platform in 2018, it had entered into a strategic partnership with HDFC Capital Advisors to support its business in the mid-income and affordable housing segment
residential business by identifying strategic land parcels with the potential of developing large-scale residential projects.
The first investment from the HDFC platform is in Prestige Smart City which is coming up on al6s-acre land parcel in Sarjapur, Bengaluru. We are actively evaluating three land deals and hoping to close them by the first quarter of the coming fiscal. We plan to deploy the entire amount in the coming fiscal ,'' said Narayana.
Inthe quarter to December 2018, the company completed projects spread over a space of 7million sq ft and witnessed 75 % growth in pre-sales of projects.
At present, Prestige Group has