NCR is an important market for Prestige, says chairman Irfan Razack
The Bengaluru developer has launched the first phase of 'The Prestige City' – a 62.5 acre, mixed-use township in Ghaziabad's Indirapuram Extension.
The project, which will have a total gross development value (GDV) of ₹ 12,000 crore, is Prestige's biggest launch this year.
The real estate firm said it had already sold around 1,200 units for around ₹ 3,000 crore within a week of launching the project.
The Delhi-NCR property market is not entirely new for the Prestige Group. It is currently developing a mixed-use project at Delhi's Aerocity. The project will have two hotels under the 'St Regis' and 'Marriott Marquis' brands, along with convention and office space.
Prestige now wants to make it big as a residential developer in the market. 'NCR is an important market for us. Each property market has its own nuances, price points and customer preferences and we have to plan projects accordingly. The location of a project is also a key factor. I think we have priced the Indirapuram project sensibly, and it has found favour among customers,' Prestige Group's chairman and managing director Irfan Razack told Mint in an interview.
The apartments at Prestige City-Indirapuram are priced between ₹ 1.5 crore and ₹ 4 crore. It will also have villaments, and 4000-6000 sq ft penthouses.
Unlike MMR, a property market that it entered a little over three years ago, where sourcing land is an issue, Prestige pursued the redevelopment route to expand its portfolio.
Razack said in the NCR market, it will look to build the business through greenfield projects. It will do a mix of outright land buying and joint developments.
Besides the Indirapuram project, Prestige plans to develop a niche luxury project in KG Marg, Delhi, going forward, and has another project lined up in Noida's Sector 150. Both projects need to receive regulatory approvals.
'We are looking at more opportunities in Gurugram, Delhi and other places, but we will acquire land only if it makes sense to us,' Razack said.
Prestige's entry into NCR, once India's largest property market, is during a time when residential sales have been strong, and large, branded developers have gained market share. In NCR, Prestige will compete with the likes of DLF Ltd, India's largest real estate firm in Gurugram, and Godrej Properties Ltd in Noida, among others.
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