Prestige aims to build lavish golf-themed resorts in 3 cities-Goa is one of them
The large-format projects, to be developed on the outskirts of the cities, will bespread across 300-400 acres, and will have a golf course, high-end villas and a hotel and a convention centre.
Prestige Golfshire is a 275-acre golf resort at Nandi Hills, on the outskirts of Bengaluru,that has a JW Marriott hotel, premium villas,an 18-hole golf course and a club. A typical four-bedroom villa here starts at ₹14.5 crore.
Bengaluru-based Prestige's plans to develop these expansive Golfshire-inspired projects are in line with the concept of large, lifestyle-driven destination projects that are gaining favour among high net worth customers, including top corporate honchos. Locations such as Alibaug and Lonavala, both near Mumbai, for instance, are already seeing interest from developers and buyers alike.
'Each project has to be a minimum 300 acres in size to do such developments. The Golfshire brand is well-established in Bengaluru and we want to now take it to other geographies," Prestige Group chairman and managing director Irfan Razack said in an interview with Mint.
Prestige already has access to the land in Goa and Lonavala, while it is in the process of tying up the land on the outskirts of Hyderabad, Razack said.
For the Lonavala project, Prestige has partnered with the Mumbai-based Valor Estate, formerly known as DB Realty.
'The Lonavala land parcel spans nearly 400 acres and will feature a golf course with a private club, a luxury hotel with convention facilities, golf villas, apartments and potentially an education hub, which is currently under consideration," said Vinod Kumar Goenka, chairman and managing director, Valor Estate.
While the overall investment is still being finalized, the collaboration brings together Valor's legacy in land and location, and Prestige's execution strength to deliver an integrated lifestyle experience, Goenka added.
While the demand for second homes gained pace post-pandemic, developers such as Prestige are looking at large projects to create destinations that will cater to a niche, premium customer base.
Prashant Thakur, head of research and advisory at property consultancy Anarock Group, said these kinds of lifestyle developments are tailored for high net worth individuals (HNI) and C-suite executives.
'It's a strategic move for any developer to do such projects that can command a 30-50% premium over a regular villa development. They can also offer a recurring revenue stream for the developer," Thakur said. 'Grade A developers such as Prestige and DLF have a captive HNI and NRI customer base, and these projects can offer such buyers an opportunity to invest."
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