24 October 2019

Spotlight- Prestige Group

We have touched people’s lives in some form or the other

 

 

Over the years, the Prestige Group has flourished into an entity that is considered the symbol of innovation and international offering. Since its inception in 1986, it has grown to become the second largest developer in India with a turnover in excess of Rs.3518 Cr (for FY 15). Having completed more than 186 projects covering over 62.25 million sft, currently the company has 68 ongoing projects covering 64.98 million sft and 30 upcoming projects aggregating to 36.64 million sft of world-class real estate space across asset classes. In October 2010, the Prestige Group also successfully entered the Capital Market with an Initial Public Offering of Rs.1200 cr. The company has inrecent years, expanded its presence across several cities in South India including Chennai, Kochi, Mangalore, Mysore, Hyderabad and Goa apart from Bangalore.

 

 

Irfan Razack, CMD, Prestige Group  “Just as change is constant, at Prestige growth and expansion is constant. We think creatively all the time to see how new initiatives can be taken up. In 2015, we actively got into the warehousing market and have been pursuing this asset class more aggressively since. This year, we will be focusing on several new launches in different parts of Bangalore, as well as in Chennai and Mangalore. We are launching 2-3 large-scale IT developments in Bangalore. We are also in the process of finalizing a piece of land in Pune for an IT Park, and have set aside properties for an IT Park in Ahmedabad and Kochi. 

We look forward to inaugurating two of our biggest hotel developments - the Sheraton Grand Whitefield Hotel and Convention Center in Prestige Shantiniketan, and The Conrad Hotel, Ulsoor, located in heart of Bangalore’s CDB area.  We are also excited about opening our malls, in Mysore and at Prestige Shantiniketan, Bangalore in 2017.

Though Prestige is already a national entity, it is my dream to give the company a pan India presence.  Given our repertoire of properties, I am happy to say that we have touched most people’s lives in some form or the other.”

 

 

Name of firm: Prestige Group
Name of Promoter:  Irfan Razack, CMD, Prestige Group
Areas of focus driving business volumes: Residential, commercial, retail, leisure, and hospitality segments.
Market Capital as on date: Rs.9,753 cr (NSE)
Turnover: Rs.3,398 Cr (9MFY17, consolidated revenue)

 

 

Incorporated in 1986, Prestige Group has grown to become the second largest developer in India with a turnover exceeding Rs.3518 cr (FY15). Having completed over 186 projects covering of 62.25 million sq ft, it has 68 ongoing projects covering 64.98  million sq ft and 30 upcoming projects adding to 36.64 million sft of world-class real estate space across asset classes. In 2010, the Group also successfully entered the capital market with an IPO of Rs 1200 cr.  In recent years, the company has expanded its presence across several cities in South India including Chennai, Kochi, Mangalore, Mysore, Hyderabad, and Goa, apart from Bangalore. The Prestige Group has won the reputed FIABCI Award for its software and residential facilities. It has also been awarded the CRISIL DA1 Developer Rating in recognition of the quality of its projects and ability to deliver completed projects in a timely manner. The company is associated with the highest quality of development. Testimony to this is the fact that the company has received recognition on a global platform by winning several international and national awards. The company has pioneered luxury residential and retail developments in South India with landmark developments like UB City, Prestige Acropolis, Prestige Golfshire, Prestige Silver Springs (Chennai) and The Forum mall, among many others, to its credit.

Currently the Group is focusing on mid-income housing, where demand is substantial.  It is performing well in the commercial segment with high volumes of leasing taking place throughout the year, and is also earning very significant rentals through its malls and offices. It is a mix of elements that is driving Prestige’s business volumes. However, the residential segment continues to be the primary driver of business within the company.

 

 

LANDMARK PROJECTS

A name synonymous with innovation, the company has pioneered landmark developments and introduced many firsts to South India:

Prestige Acropolis: A tribute to classical Greek architecture, one of the first premium residential developments in Bangalore

Prestige Ozone: One of the first gated communities in Bangalore

The Forum Mall: Pioneered retail revolution in Bangalore. Probably first successful retail mall in the country which created new benchmarks in modern retailing.

Forum Neighbourhood Mall: South India's first retail outlet mall featuring international and national brands

The Collection, UB City: South India's first luxury mall (partnered initiative with UB Group)

Prestige Golfshire: South India's first golf villa development set amidst picturesque Nandi Hills, across 275 acres, the property comes complete with ultra-luxurious mansions, a clubhouse – Falcon Greens, a luxury spa – Quan, a private lake and an 18-hole, championship-sized golf course. With this project, Prestige Group has also introduced world-class 5-star, luxury resort hotel JW Marriot to Bangalore.

Prestige Shantiniketan: South India's first wholly integrated township development.

Prestige Lakeside Habitat: Largest residential development by acreage and total number of residences (102 acres consisting 3,428 apartments and 271 villas), being the biggest upcoming residential township development in India today. It introduces Disney-inspired residences to Bangalore.

 

 

INCOME GROUP STRATEGIES

Given that the Prestige Group is into the residential, commercial, retail, leisure and hospitality sectors, Prestige clientele includes a combination of people – homebuyers of premium/luxury residences, top MNCs looking for commercial space, students, working executives and families who frequent their malls and resort/spas over the weekends etc.

 

 

UPCOMING PROJECTS

Prestige Group’s noteworthy projects under construction include:

Kingfisher Towers: A super luxury most anticipated ultra-premium development from the company.

Prestige Lakeside Habitat: Located in Varthur, Whitefield and spread over a sprawling 102 acres, it features 3428 apartments and 271 villas. The family-friendly development offers one of the best environments for community living. The highlight of the property is a Disney-themed landscape that creates an ethereal, fairy tale-like aura for its residents. Disney-inspired rooms consist of Disney-branded furnishing, home décor products, colour palettes and more, bringing alive the complete Disney experience for families. Prestige Lakeside Habitat is a milestone for the Group as it is the largest residential development by the company till date; in terms of acreage and total number of residences, apart from being biggest upcoming residential township in the country today.

Prestige Edwardian: Niche residential development on Edward Road

Prestige Hermitage: Located on Kensington Road features a single apartment per floor as an offering

Prestige Summer Fields: Luxury villas off Outer Ring Road

Prestige Silver Springs: Off Chennai’s East Coast Road, overlooking the sea and comprising villas and apartments

Prestige Leela Residences: 88 ultra luxury homes (includes 4 palatial duplex penthouses boasting intricate detailing and ornate features such as domes , arches and ceilings), centrally located on Old Airport Road and set amidst lush landscaped gardens, in a style of architecture that is reminiscent of the Mysore Royal Palace.

Prestige Kenilworth: An exclusive community of 42 residences located on Cunningham Crescent Road, set in a 23 storey tower.

Prestige Hillside Gateway:  Located in Kochi


Prestige High Fields: Located in Hyderabad.

Prestige Ivy League: Located in Kondapur Village, this project is a premium high-rise residential development offering a combination of 2, 3 and 4 bhk apartments in a cluster of 3 towers with 366 flats.

In addition, six more ‘Forum’ malls are coming up across Bangalore, Kochi, and Mysore. Covering around 3mn sq ft, they will be completed over the next three years.

 




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