The rise and rise of Prestige Estates: How the realty firm bucked the trend

Most of Prestige's projects in Bengaluru launched in the last three years were located along the upcoming metro lines. These include: Prestige Falcon City, Prestige Park Square and Prestige Elysian.

At the end of last year, Irfan Razack, chairman and managing director, Prestige Estates Projects, a real estate firm in Bengaluru, made it to the list of new-minted billionaires. The company’s share prices soared over 2019 and the Razack family’s 70 per cent stake in it ballooned to a value of Rs 8,800 crore. 

In other words, in a market where most real estate players are struggling, where pending IPOs have been scuttled and high-value customers have hit the brakes on spending because of economic uncertainty, Prestige Estates has been flying high. 

How did it pull off this feat? 

One reason