Latest news with #Razack
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.
New Indian Express
06-05-2025
- Business
- New Indian Express
Prestige will redefine real estate in the NCR market, says Chairman Razack
Bengaluru-based Prestige Group aims to establish itself as a key player in Delhi-NCR's competitive real estate market with the launch of its first residential project in the region — Prestige City Indirapuram. The group's Chairman and Managing Director, Irfan Razack, stated on Tuesday that the group intends to redefine real estate standards in NCR by delivering projects that are "better and bigger". 'Whatever project we take at Prestige, there is a timeline. We believe we can do things better and bigger…We want to rewrite the way real estate is done in this region. We do not want to be the biggest player but definitely the best developer in the NCR market," said Razack. Acknowledging the steep rise in housing prices over recent years, Razack emphasized that Prestige Group is committed to fair pricing, targeting genuine homebuyers rather than bulk sales to brokers. He stressed the company's focus on quality and timely delivery, a persistent challenge in Delhi-NCR's real estate market.
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Business Standard
06-05-2025
- Business
- Business Standard
Prestige Estates to invest Rs 10K cr in 62 acre Ghaziabad township project
Realty firm Prestige Estates Projects Ltd will invest around Rs 10,000 crore over the next six years to develop a 62.5 acre township at Ghaziabad, Uttar Pradesh as it remains bullish on housing demand in Delhi-NCR market. On April 29, Bengaluru-based Prestige Group announced its entry into Delhi-NCR's residential market. It is already developing a commercial project at Delhi's Aerocity comprising hotels and office spaces. "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," Prestige Estates Chairman and Managing Director Irfan Razack told reporters here. He said the company will focus on quality with timely delivery, which has been a problematic issue in the Delhi-NCR property market. Razack said the company will develop around 10 million square feet area, comprising 4,041 homes and around 8 lakh square feet shopping mall, in this joint development project. The company will share revenue with the landowner. In the first phase, the company has launched 3,421 apartments with a total sales potential of over Rs 9,000 crore. The total gross development value of the entire project will touch around Rs 12,000 crore. Prestige Estate has already sold 1,200 units for over Rs 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 Rs 1.5 crore to Rs 4 crore. Razack said the demand has been very encouraging so far. Asked about the investment, Razack said the construction cost alone would be around Rs 8,000 crore. Along with the other costs including land and approvals, he said the total investment is estimated to touch around Rs 10,000 crore. Prestige Estates Projects Ltd is India's leading real estate developer, with a legacy of over three decades. It has delivered over 300 projects across residential, commercial, retail, hospitality, and mixed-use sectors. Last month, Prestige Estates Projects Ltd reported a fall in sales bookings last fiscal due to delays in approvals to launch its many projects. The company's sales bookings or pre-sales declined 19 per cent to Rs 17,023 crore in the last fiscal. Prestige Estates attributed the fall in annual sales booking numbers to lower launches of housing projects due to a lack of approvals from development authorities. As a result, the company has failed to achieve the annual sales bookings guidance of Rs 24,000 crore. Sales volume for 2024-25 stood at 12.58 million square feet, down 38 per cent year-on-year. Total units sold stood at 5,919. The average realisation for apartments, villas, and commercial products rose to Rs 14,113 per square foot, an impressive 36 per cent increase year-on-year. Plot sale realisation increased to Rs 7,167 per square foot, registering a 50 per cent year-on-year growth.
Hindustan Times
06-05-2025
- Business
- Hindustan Times
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.
