Prestige Estates, a leading real estate company based in South India, is making big moves in Western India, particularly in the Mumbai Metropolitan Region (MMR) and Pune. The company has set its sights on a whopping Rs 10,000 crore in annual revenue from these markets, which would make up 20% of its total targeted group revenue.
CEO (West) Tariq Ahmed is leading the charge, with a focus on both residential and commercial projects. Some of the key developments in Mumbai include the Prestige Jasdan Classic in Mahalaxmi and the Prestige City integrated township in Mulund. These projects alone are expected to bring in Rs 2,500 crore in revenue.
Prestige Estates is also targeting the aspirational housing segment, with projects in fringe areas and satellite cities like Mira Road and Mulund. The company is also venturing into greenfield projects and redevelopment opportunities in Mumbai and Pune, including the Ocean Tower luxury project in Marine Lines and the Prestige Daffodils project in Bandra.
In terms of commercial developments, Prestige Estates is expanding its office space projects in Mumbai, with a 4 million square feet project in the Bandra Kurla Complex and another 2 million square feet project near the Mahalaxmi racecourse. In Pune, the company has already developed office space in Kharadi and has plans for further expansion.
While Prestige Estates’ ambitious growth plans are promising, the company will need to navigate challenges such as increasing land premiums and demands from redevelopment projects. With a strategic focus on both residential and commercial developments, Prestige Estates is positioning itself for long-term success in the lucrative markets of Mumbai and Pune.
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