Latest news with #IrfanRazack
Bloomberg
6 days ago
- Business
- Bloomberg
Billionaire Who Rode India's Real Estate Boom Warns of Risks
Billionaire Irfan Razack seized on India's post-pandemic property boom to amass a $5.5 billion fortune alongside his two brothers. Now, the 71-year-old chairman and managing director of real estate developer Prestige Group is warning that pockets of stress are building even as the nation's burgeoning property market motors on. Among these is an oversupply of office spaces, apartments and unsold stock in the tech hub of Hyderabad. In residential real estate, soaring costs are increasingly putting homeownership out of reach of many and cooling demand, he said.
Mint
31-07-2025
- Business
- Mint
Prestige aims to build lavish golf-themed resorts in 3 cities-Goa is one of them
Bengaluru: Leading real estate firm Prestige Group plans to develop lavish golf-themed, resort-style residential projects in Goa, Lonavala and Hyderabad, as it aims to replicate its signature Golfshire property near Bengaluru in other locations, a top company official said. 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."
Business Upturn
10-07-2025
- Business
- Business Upturn
Prestige Estates shares rise as Q1 FY26 sales surge 300% to Rs 12,126 crore, highest-ever quarterly performance
By Aditya Bhagchandani Published on July 10, 2025, 09:38 IST Shares of Prestige Estates Projects Ltd. traded higher by over 1.2% at ₹1,670 on Wednesday morning after the company reported its best-ever quarterly sales and collections for the first quarter of FY26. In its business update, the real estate developer announced that sales in Q1 FY26 aggregated to ₹12,126.4 crore, registering an impressive 300% year-on-year growth. Sales volume also jumped sharply to 9.55 million square feet, up 234% YoY, with 4,718 units sold during the quarter. Average realization stood at ₹13,339 per square foot for apartments and ₹7,343 per square foot for plotted developments. Collections for the quarter also climbed by 55% YoY to ₹4,522.7 crore, further demonstrating strong operational performance. Prestige Estates launched four residential projects spanning 14.94 million square feet, including its first-ever project in the NCR market — The Prestige City, Indirapuram — which saw about 80% of its inventory sold at launch, reflecting robust demand and growing brand presence in North India. Commenting on the milestone quarter, Irfan Razack, chairman and managing director, said, 'Q1 FY26 has been a milestone quarter for Prestige, with significant progress across multiple fronts. The launch of The Prestige City in NCR received an exceptional response, showcasing customer confidence and our rising brand equity in the region. This achievement, coupled with our first completions in Mumbai, reinforces our execution capabilities in India's most dynamic markets.' The company's strong performance this quarter underscores its growing footprint in key markets, backed by a mix of plotted developments, integrated townships, and premium apartments, catering to diverse homebuyers. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Standard
09-07-2025
- Business
- Business Standard
Prestige Estate records 300% YoY growth in sales in Q1
Prestige Estates Projects said that its sales for Q1 FY26 aggregated to Rs 12,126.4 crore, marking a 300% growth over the same period last year. Sales volume for the period under review stood at 9.55 million square feet, a 234% increase YoY. The company sold 4,718 units in Q1 FY26. Average realization stood at Rs 13,339 per square foot for apartments while plotted developments fetched Rs 7,343 per square foot in Q1 FY26. The collections jumped 55% YoY to Rs 4,522.7 crore in Q1 FY26. The company launched four residential projects totaling 14.94 million square feet during the quarter, including its first-ever launch in the NCR region. These launches featured a mix of plotted developments and integrated townships, catering to diverse homebuyer segments. Irfan Razack, chairman and managing director, Prestige Group, said: Q1 FY26 has been a milestone quarter for Prestige, with significant progress across multiple fronts. We made a strong entry into the NCR market with the launch of The Prestige City, Indirapuram, which received an exceptional response with about 80% of the inventory sold at launcha clear reflection of customer confidence and our growing brand equity in North India. This played a key role in delivering our highest-ever quarterly sales and collections. We also marked our first completions in Mumbai, further reinforcing our execution capabilities in Indias most dynamic cities. In parallel, the filing of the DRHP for our hospitality platform signals our intent to unlock long-term value across verticals. This quarter reflects the momentum, diversification, and execution strength driving the next phase of Prestiges growth. Prestige Group is one of Indias most respected and diversified real estate developers, with a legacy of almost four decades and a portfolio spanning residential, commercial, retail, hospitality, and integrated townships across major cities. The companys consolidated net profit declined 82.1% to Rs 25 crore on 29.4% fall in net sales to Rs 1528.40 crore in Q4 FY25 over Q4 FY24. The counter declined 0.66% to settle at Rs 1649.35 on the BSE.
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Business Standard
09-07-2025
- Business
- Business Standard
Prestige Estates Q1 pre-sales surges on robust demand for Ghaziabad project
Realty firm Prestige Estates Projects Ltd on Wednesday reported a 4-fold jump in its sales bookings to Rs 12,126.4 crore in the first quarter of this fiscal, mainly on strong demand for its housing project in Ghaziabad. The company's sales bookings or pre-sales stood at Rs 3,029.5 crore in the year-ago period. In a regulatory filing, the company informed that it has "kicked off FY26 with its strongest quarterly performance to date, clocking an all-time high of Rs 12,126.4 crore in sales in the quarter ended June 30, 2025 (Q1 FY26), marking a 300 per cent growth over the same period last year". The company sold 4,718 units, translating to a sales volume of 9.55 million square feet, up 234 per cent year-on-year. The average price realisation stood at Rs 13,339 per square feet for apartments while plotted developments fetched Rs 7,343 per square feet. Irfan Razack, Chairman and Managing Director of Prestige Group, said the April-June quarter has been a milestone quarter for Prestige, with significant progress across multiple fronts. "We made a strong entry into the NCR market with the launch of The Prestige City, Indirapuram, which received an exceptional response with about 80 per cent of the inventory sold at launch - a clear reflection of customer confidence and our growing brand equity in North India," he added. The NCR project played a key role in delivering its highest-ever quarterly sales, Razack said. As of March 2025, the group has delivered 302 projects spanning 193 million sq ft and currently has a pipeline of 130 projects across 203 million square feet. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
