Prestige Group, the Bangalore-based publicly-held realtor, has charted out a sturdy expansion plan during calendar 2013. The company is planning to launch 20 million square feet of residential projects through the year compared to the 15 million square feet to development across assets during 2012.
Irfan Razack, CMD, Prestige Group, said that he believes that many existing areas in Bangalore are fast approaching saturation, driven by existing challenges including infrastructural constraints. “With the hope that the situation would improve one can expect increased development in select areas in Bangalore including townships in Sarjapur, Kanakpura and North Bangalore from Prestige,” Razack added. On the retail sentiment, Razack felt that with the new policies supported by the government, the sector will fare well and see renewed growth and energy.
During 2013, Prestige will be opening of several of its retail projects, starting with the Forum Vijaya Mall in Chennai, followed by the opening of Forum Sujana in Hyderabad and Forum Mangalore thus marking its retail expansion across South India. “On the hospitality front, we will also soon begin operating Oakwood Service Residences in Whitefield and the Aloft Hotel in the ORR, Bangalore,” Razack noted.
In addition to residential and retail space, Prestige Group has been making significant expansion in the coming up with sizeable offerings in the commercial leasing market. Driven primarily by the IT/ITeS Industry, the office market has witnessed a steady growth rate.
“We have leased out retail/office spaces of approx 2.5 million sq ft in CY12 and target to lease out approximately 3 million sq ft of retail/commercial space in CY2013. Several of our retail and commercial projects are presently under development and we are on track to achieving rental revenues of Rs 500-550 crore by the year 2015, which should further strengthen and increase our stabilized and sustainable cash flows,” Razack highlighted.
The stock of Prestige had gained 1.2 per cent by noon on Wednesday and is trading at Rs 178.50 a share.
