The Prestige Group, one of Bengaluru's most prominent real estate developers, has announced an ambitious plan to invest ₹10,000 crore in the residential real estate sector by the end of FY25. With an eye on expanding its presence in key Indian cities like Delhi-NCR, Goa, Hyderabad, Mumbai, Chennai, and Bengaluru, the group is set to launch projects that could redefine the skyline of these urban centers. The investment is a part of a broader strategy aimed at clocking a staggering sales value of ₹20,000 crore in FY25.
The Investment Breakdown:
The ₹10,000 crore investment is split between land acquisition and project development. According to Praveer Srivastava, Senior Vice President of Residential Sales at Prestige Group, ₹3,000 crore will be allocated for acquiring additional land parcels, while ₹7,000 crore will be used for the construction and development of upcoming projects. This includes a mix of ongoing projects and new launches, with the majority of the funds expected to be deployed by the end of FY25.
Target Markets: Focus on South India and Beyond:
While the Prestige Group is expanding its footprint across major Indian cities, a significant portion of its efforts will be concentrated in South India. Approximately 75% of the new launches will be in the southern region, with Bengaluru leading the way. This strategic focus aligns with the company's history and expertise in the region, where it has already established itself as a market leader.
In addition to South India, the Prestige Group is making inroads into other lucrative markets, including Delhi-NCR, Goa, Hyderabad, and Mumbai. These cities are experiencing rapid urbanization and a surge in demand for high-quality residential properties, making them ideal targets for Prestige's expansion plans.
Sales Projections: Aiming for ₹20,000 Crore in FY25:
Prestige Group has set an ambitious sales target of ₹20,000 crore for FY25, driven by the launch of new projects with a Gross Development Value (GDV) of approximately ₹60,000 crore. The GDV represents the anticipated revenue from these projects, underscoring the company's confidence in the market's growth potential.
At the beginning of the current fiscal year, Prestige Group had an inventory worth ₹10,000 crore in terms of GDV. This inventory, combined with the new projects, positions the company to achieve its sales goals and maintain its leadership position in the Indian real estate market.
Strategic Vision: Capitalizing on India's Real Estate Boom:
The Indian real estate market is poised for significant growth, driven by factors such as urbanization, rising income levels, and government initiatives like the Pradhan Mantri Awas Yojana (PMAY). By investing heavily in land acquisition and project development, Prestige Group is positioning itself to capitalize on these opportunities and deliver value to its stakeholders.
Conclusion:
Prestige Group's bold investment of ₹10,000 crore in the residential real estate sector by FY25 is a testament to its confidence in India's booming property market. With a focus on key cities across India and an ambitious sales target of ₹20,000 crore, the company is set to play a pivotal role in shaping the future of urban living in the country. As Prestige Group continues to expand its portfolio and launch new projects, it remains committed to delivering world-class residential spaces that cater to the evolving needs of modern homebuyers.
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