Bengaluru-based Prestige Estates aims to ‘rewrite the way real estate is done' in NCR
Irfan Razack, chairman and managing director of Bengaluru-based listed real estate developer Prestige Estates Projects Ltd, said on May 6 that the company aims to 'rewrite the way real estate is done in the region,' with an emphasis on quality and timely delivery—key concerns that have historically plagued the Delhi-NCR property market. Irfan Razack, chairman and managing director of Bengaluru-based listed real estate firm Prestige Estates Projects Ltd (centre), said on May 6 that the company aims to 'rewrite the way real estate is done' in the region.(Prestige Group)
"We have entered into Delhi-NCR's housing market with our first project 'Prestige City, Indirapuram'. We want to rewrite the way real estate is done in this region. We do not want to be the biggest but definitely the best developer in the NCR market," Razack told reporters.
He said the company will focus on quality and timely delivery, addressing two of the key issues that have plagued the Delhi-NCR real estate market. Prestige Estates to invest around ₹ 10,000 crore to develop Ghaziabad project
He said that the demand for its first housing project Prestige City in the Delhi-NCR's Indirapuram area has been 'encouraging' and that the company will invest around ₹ 10,000 crore over the next six years to develop a 62.5-acre integrated township in Ghaziabad, Uttar Pradesh. The project has witnessed strong demand, with 1,200 units sold within the first seven days, generating over ₹ 3,000 crore in sales.
Prestige Estate has already sold 1,200 units for over ₹ 3,000 crore in the last seven days and is hopeful of selling all 3,421 units over the next few weeks. The company is selling units in a price range of ₹ 1.5 crore to ₹ 4 crore, Razack told reporters.
Asked about the investment, Razack said the construction cost alone would be around ₹ 8,000 crore. Along with the other costs, including land and approvals, the total investment is estimated to touch around ₹ 10,000 crore.
In this joint development project, the company will develop an area of around 10 million square feet, comprising 4,041 homes and an 8 lakh square foot shopping mall. The company will share revenue with the landowner.
In the first phase, Prestige Estates has launched 3,421 apartments with a total sales potential exceeding ₹ 9,000 crore. The entire project is expected to achieve a Gross Development Value (GDV) of around ₹ 12,000 crore. The apartments will be distributed across 23 high-rise towers, which will also include 50 villaments. According to the company, the towers will range in height from 41 to 50 floors.
Villaments, a popular housing concept in Bengaluru, are independent residences located within a larger apartment complex. They combine the privacy and space of a villa with the benefits of apartment living, such as security, shared amenities, and community infrastructure.
With all approvals secured, Prestige Group has begun marketing the first phase of this township project named 'Oakwood and Mulberry' which together represent a Gross Development Value (GDV) of over ₹ 9,000 crore, the company had said on April 29. When the second phase 'Mayflower' is launched, it will take the total GDV of the entire residential development to ₹ 12,000 crore, it had said.
Prestige Estates is already developing a commercial project at Delhi's Aerocity.
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