The Prestige Group is embarking on a range of real estate projects across India, with a notable focus on luxury housing in Central Delhi in collaboration with TDI. They are actively seeking additional land in Delhi-NCR for more housing projects. In Aerocity, a significant commercial project featuring two large hotels is in progress, set to be completed by 2025-26. The group is also partnering with ACE Group for a mid-income housing project in Noida's Sector 150, with pending approvals related to a sports city. In Goa, the Prestige Group is working on the Prestige Ocean Towers and planning a hotel project in Morjim. Their diversification strategy spans various segments, including senior living, warehousing, retail, and office spaces, with a strong focus on the Indian market.
One of the flagship projects is a luxury housing venture in Central Delhi in collaboration with TDI, aiming for high-end residential development. Moreover, the company is actively seeking additional land in Delhi-NCR to launch more housing projects, demonstrating a readiness to seize viable opportunities.
In Delhi's Aerocity, a monumental commercial project is underway, featuring the development of two colossal hotels, the Marriott Marquis and St. Regis. This development is anticipated to reach completion by 2025-26, further solidifying the company's presence in the hospitality sector.
Additionally, Prestige Group is venturing into Noida's Sector 150, partnering with ACE Group for a mid-income housing project. However, the launch is contingent upon pending approvals, particularly in the aspect of a sports city, which is currently under resolution.
In the coastal region of Goa, the company is finalizing the Prestige Ocean Towers, consisting primarily of villas. Further plans include launching a project in Morjim, encompassing a 75-acre plot to host a hotel along with Marriott-managed residences, still in the developmental stages.
Diversifying its portfolio across multiple segments, Prestige Group has a strong footprint in residential, office, retail, hospitality, property management, and warehouses. This diversification strategy has proven successful with completed projects spanning 170 million square feet and ongoing projects encompassing 75 million square feet.
Among the upcoming prospects, the company is fervently focusing on the senior living segment, perceiving a significant potential market. The envisioned senior housing isn't merely a label; it aims to provide dedicated, hospitality-centric care for seniors as a rental product, with ongoing efforts in Bengaluru as a pilot.
Moreover, it is laying the groundwork for warehousing projects and is actively expanding its retail presence. Notably, the company recently launched a mall in Kochi, Forum Kochi, and completed an office building in Hyderabad, indicating a promising trajectory in the retail and office space segments.
While the company's focus is primarily on major cities and not extensively on Tier 2 cities, Goa stands as an exception due to its unique market potential. The company's bullish attitude toward the retail segment is evident through various projects under construction in multiple cities.
Contrary to pursuing overseas projects, Prestige Group remains resolute in concentrating on the vast opportunities within India, capitalizing on the ongoing consolidation and substantial domestic demand. Apart from commercial viability, Prestige Group considers affordable housing as a crucial segment due to its capacity for high volumes. The NRI market, although robust, doesn’t significantly influence the company's overall strategy.
Prestige Group's multi-faceted approach to real estate expansion, strategic diversification across segments, and a forward-thinking approach toward senior living signify the company's commitment to addressing diverse market needs while sustaining a strong focus on the evolving real estate landscape in India.
This story was earlier published in MoneyControl
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