Latest news with #IrfanRazack
Hindustan Times
5 days ago
- Business
- Hindustan Times
Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri
Bengaluru's listed real estate developer, Prestige Estates Projects Ltd, has partnered with Mumbai-based Valor Group (formerly known as DB Realty) to develop an office complex worth ₹4,500 crore in Mumbai's Andheri area. According to a regulatory filing, the project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai. As per the filing, ₹504 crore will be infused into a Special Purpose Vehicle (SPV) that will be set up to execute the project. Also Read: Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000 Prestige Estates announced on May 28 that it has successfully completed the first three landmarks in Mumbai, including Siesta at The Prestige City, Mulund, Prestige Jasdan Classic, and Prestige Turf Tower in Mahalaxmi. The company said these developments collectively span 2.8 million sq ft and mark the Group's significant debut delivery in the city since its Mumbai launch in 2022. Also Read: Mumbai's landmark ₹639 cr property deal: Why are pharma tycoons investing in luxury flats in the financial capital? According to the company, it will be handing over possession of nearly 700 residences and 130 office units in the coming months. Prestige Estates has a 38-year legacy and has delivered over 300 projects in the residential, commercial, retail, hospitality, and mixed-use segments. The company also recently announced its entry into the Delhi NCR real estate market. Also Read: Bengaluru-based Prestige Estates aims to 'rewrite the way real estate is done' in NCR On May 6, Irfan Razack, chairman and managing director of Prestige Estates, said 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.
New Indian Express
11-05-2025
- Business
- New Indian Express
'There is vacuum in NCR realty market and we plan to fill it'
Bengaluru-based Prestige Group has marked its foray into Delhi-NCR's competitive residential real estate market with the launch of Prestige City Indirapuram. Within seven days, the developer sold 1,200 units, raking in over ₹3,000 crore, and aims to sell all 3,421 units in the coming weeks. But the group isn't stopping there. Spotting a vacuum in the NCR market, Prestige Group aims to establish itself as a key player by leveraging its strengths: offering affordable luxury homes and ensuring timely delivery. In an exclusive interview with TNIE's Arshad Khan, Prestige Group's Chairman and Managing Director, Irfan Razack, shared insights on the NCR launch, the company's expansion plans, detail on the much-anticipated IPO of its hospitality arm and more. Edited excerpts: You are planning to be among the major realty players in the NCR market. How are you going to achieve this? We are already among the top 3-4 players in the country in terms of sales and market capitalisation. We have a presence across all the major cities. The only thing (to succeed in the market) is consistency. You will have to consistently bring new products and deliver them on time. We are building a strong pipeline in Delhi and are exploring various opportunities both in Noida and Gurugram. We are also constructing a metal commercial project in Aerocity, Delhi. People are offering us land. However, we will have to evaluate whether it would make commercial sense or not before finalising a deal. Then there is the niche KG Marg project that is targeted to a different sort of audience. There is a regulatory hurdle related to the height of this property. Once it is cleared, we will start work there. Given that the NCR market has traditionally been investor-driven rather than end-user-centric—a dynamic that has often raised concerns—what makes you bullish about its potential? There was a temptation to sell the property as early as possible. Many brokers approached us for those who wanted to buy in bulk. However, we denied them and chose to sell only to individual customers. What makes me bullish is that there is a vacuum. DLF is the biggest player and they are established in the Gurugram market. There is nobody in the Noida and Ghaziabad markets. Godrej has been here for a short time. There were so many big players in the Noida market. Unfortunately they all got extinguished for some or the other reason. We believe that there is an opportunity here given the massive urbanisation happening in the capital market. Why did you opt for an affordable luxury project instead of premium Rs 5-6 crore homes like Gurugram developers? Do you foresee a near-term price correction in the market? That is madness and it won't sustain. Even in Hyderabad, people are making the mistake of launching super expensive projects. I tell my developer friends to do some introspection that everybody is not like you. Since a lot of money chases land, it becomes expensive, so they can't lower property prices now. Construction costs are going up and there is a labor shortage . For me this is a big challenge. With all the tariffs coming up, the cost of everything is going up. When is Prestige Hospitality Ventures getting listed? Do you plan to list more companies in future? We have already filed the DRHP with SEBI. When the approval comes, we will do it. Hopefully, by August, we should be able to launch the IPO . There is a lot of interest in the market. Lots of funds are showing interest in picking up stakes before the listing. This would be a big thing for us. Our whole gameplay is that once we finish the IPO for hospitality, we plan to build a big mass for offices and retail. That way, we will create two different vehicles. And then we plan to make one group company into four different companies having four different verticals, doing different jobs with four different responsibilities and four different leaderships. Plus we got property management and our own contracting company, which is so small but can emerge as a big vertical. Bengaluru share in your sales mix remains more than half. How is this changing given your rapid expansion in other markets, including Delhi? Though Bengaluru will not degrow, what will happen is that our percentage of sales which at one point of time was 80% in Bengaluru and 20% in other cities, will continue to change. The way we have grown, Bengaluru will be 30% and other cities would be 70% at some point of time. This year, we have exciting properties coming up in Mumbai. Then there is Goa and a lot is happening in Bengaluru and Hyderabad. Housing sales have been under pressure for the past few quarters. Do you expect a revival in sales given that the RBI is expected to go for more rate cuts this fiscal? If the interest rate falls, it becomes more affordable because the EMIs will drop. This is a good factor in the market. Business keeps on happening. The important thing is if your location is good, the product is decently priced and sized, it will sell on time. We have done business in the best of times and in the worst of times. We don't hold any inventories. We are able to sell out.
Time of India
08-05-2025
- Business
- Time of India
NCR launch may help Prestige group in achieving highest-ever quarterly pre-sale
Prestige Group is expecting the current quarter to be the biggest in terms of pre-sale as launches of previous quarter got pushed due to the regulatory challenges. #Pahalgam Terrorist Attack Live Updates| From Sindoor to showdown? Track Indo-Pak conflict as it unfolds India's biggest strike against Pakistan since 1971: 70+ terrorists, aides killed Pakistan mounts campaign of lies, deceit and disinformation The Bangalore-based company, which has launched the phase one of its Rs 12,000 crore worth project in Ghaziabad, has already sold Rs 3,000 crore worth apartment. The phase one has a Gross Development Value (GDV) of over Rs 9,000 crore — making it one of the biggest project in NCR. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Has Honda Done It Again? The New Honda CR-V is Finally Here. TheDaddest Undo Oakwood and Mulberry, which are part of phase one, feature a combined 3,421 premium units across 19 towers. Spread over 62.5 acres in Indirapuram Extension on National Highway 24, the township will have two clubhouses spread over 100,000 sq. ft., and an integrated Forum Mall covering 1.18 million sq. ft. of retail and entertainment experiences. Live Events 'We are deeply committed to expanding our presence in NCR. In addition to talking to the current land partner for additional land, we are exploring land in other NCR cities as well,' said Irfan Razack, Chairman and Managing Director, Prestige Group. The group is awaiting clearance for a boutique luxury housing project in KG Marg in Delhi. The Indirapuram project is expected to be completed within four and half years. 'After a long time, NCR has seen launch of a reputed developer of outside NCR. The response from customers are good despite it being the first project of the group in the region. The pricing also ensured long time investors and end users interest,' said Sachin Arora, founder of Moneytree Realty, a real estate brokerage firm.
Mint
08-05-2025
- Business
- Mint
NCR is an important market for Prestige, says chairman Irfan Razack
Bengaluru: Prestige Group, one of the fastest growing real estate firms, has entered the National Capital Region (NCR) residential property market as it looks to broaden its presence across geographies. 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.
Time of India
07-05-2025
- Business
- Time of India
Prestige Estates shares in focus after Rs 3,000 crore debut in NCR with The Prestige City
Live Events Prestige Estates share price target Prestige Estates share price performance Shares of Prestige Estates Projects are expected to remain in focus on Wednesday after the company clocked over Rs 3,000 crore in sales within a week of launching its first residential project in the National Capital Region (NCR). The project, The Prestige City , located in Indirapuram, sold 1,200 units during the initial launch marks the Bengaluru-based developer's debut in NCR's residential market. The company attributed the strong response to its brand equity, strategic location, and growing demand for premium residential communities in urban across 62.5 acres in Indirapuram Extension along National Highway 24, the current launch includes two phases—Oakwood and Mulberry—offering 3,421 homes across 19 towers.A third phase, Mayflower, is in the pipeline and will further expand the residential offering. The larger township will also feature a Forum Mall spanning 1.18 million sq ft, adding retail and entertainment options to the integrated development.'We are delighted with the overwhelming response to our first residential project in NCR. The year ahead is particularly exciting, with significant launches planned across Bengaluru, Chennai, Goa, NCR, Mumbai, and Hyderabad,' said Irfan Razack, Chairman and Managing Director, Prestige to Trendlyne data, the average target price for the stock is Rs 1,656, implying an upside of 24% from current levels. The consensus recommendation from 19 analysts remains a 'Buy'.On Tuesday, Prestige Estates shares closed 3.9% lower at Rs 1,330.70 on the BSE, while the benchmark Sensex declined 0.19%. The stock has fallen 20% year-to-date but has gained 172% over the past two years. Its current market capitalisation stands at Rs 57,317 crore.
