Construction Industry News
Bangalore-based Prestige Group has set its eyes on the country's largest and most expensive real estate market with plans to invest more than Rs 7,500 crore to develop properties spanning a total of 16 million square feet over the next four to five years.
The proposed investment will be deployed across six projects and will include residential, office and hospitality developments in key locations including the Marine Lines and Mahalaxmi site in South Mumbai, the central business district of Bandra-Kurla Complex (BKC), Worli, Bandra and Mulund suburb of the city.
With the state registering the highest goods and services tax (GST) in India and contributing 15% of the GST of the total Indian economy, Mumbai has established itself as the most important commercial center in India, Irfan Razack, CMD, told me. Prestige Group. the media.
In the financial year (FY) 2021-22, after reporting a record pre-sale collection of more than Rs 10,000 crores through its projects in 12 locations across India, the developer has now embarked on commercial and residential projects in Bandra's Pali Hill, South -Mumbai's Mahalaxmi, BKC, Yogi Hills of Mulund.
Venkata Narayana told media that the company has already invested about Rs 3,000 crore in the acquisition of projects and alliances established in Mumbai. Of the total proposed developments, two projects, spanning 6.5 million square feet, will be office space developments in Mahalaxmi and BKC, which will also house a five-star category W Hotel.
From the ongoing developments in Mumbai, the developer's project in Mahalaxmi is spread over 2 hectares, where 233 super-sized premium apartments will be presented. The project in the suburb of Mulund will be a 30-hectare development that will house prime residential, commercial and retail spaces on the high street, along with a proposed school and hospital.
Of the total of six projects in Mumbai, the company has fully acquired 30 acres in Mulund and 2 acres in Mahalaxmi. It has contributed more than Rs 800 crore in these land acquisitions. Among other Mumbai projects, it has entered into two partnerships with DB Realty and one with ABIL Group, while the Pali Hill project is a community redevelopment plan.
Prestige Group has completed 268 projects and delivered more than 151 million square feet by the end of 2021-22. The company has approximately 45 ongoing projects in various segments covering 65 million square feet. It also has more than 70 million square feet of projects in the pipeline, in addition to some more land banks in its portfolio.
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