Prestige Estates Projects, a well-known realtor plans to venture into mid-income and affordable housing projects soon. The developer decided to shift focus while considering the increase in demand for residential units under these segments in the country.
Irfan Razack, Managing Director, Prestige Group said that our sister company i.e. Prestige Estate Projects has a live inventory of more than Rs. 2,000 crore in the luxury housing segment and various other projects are in the pipeline. Prior to this, the Prestige group went into joint venture with Vijay Mallya and Leela Hotels for one of the most expensive luxury homes projects in Bengaluru.
The company also plans business expansion in Hyderabad, NCR, Pune and Mumbai by launching several residential projects. The realtor also went into a partnership with New Consolidated Construction Company (NCCCL) and Ace Group for developing residential projects in Mumbai and Noida.
Razack, MD, Prestige group said that the firm has utilized HDFC money to invest in three residential projects as stepping in different regions will reflect in business growth.
Last year, the Prestige Estate Projects signed a strategic partnership with HDFC Capital Advisors to formulate a dedicated residential platform for investing in the mid-income and affordable housing segment. Presently, this platform has a capital investment of Rs. 2,500 crore and it is very beneficial for the company, Razack added.
Apart from all this, the realtor is also assessing expansion in its hotel business and went into a joint venture with DB Realty for the construction of India’s largest hotel in the national capital city Delhi.