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Prestige Group Gears Up For Launches in Mumbai And NCR



Prestige Group Gears Up For Launches in Mumbai And NCR

Real estate giant Prestige Group will soon launch projects in Mumbai and NCR

For quite a while there was a buzz that Bengaluru-based Prestige Group has been vying to enter the real estate markets of Mumbai and NCR (National Capital Region). Now, the real estate giant will soon enter the real estate markets of both the top tier locales of India. This news was confirmed by none other than Irfan Razack, Chairman and MD of Prestige Group at the inauguration of five residential and office properties in Bengaluru.

Not only is the company targeting residential projects, it will also build commercial projects in Mumbai and NCR.

Razack said, “New launches in Mumbai and the National Capital Region (NCR) is part of our strategy to enter new geographies in the residential as well as office space.”

Razack expressed confidence in the success of this decision. He is unfazed by the immense liquidity crisis and the huge pile of unsold inventory currently being faced by the other realty players in these two locations.

Razack added, “I believe that our past performance, prime locations as well as efficient pricing have helped strengthen our market position.”

Prestige Group is known in South India for delivering time and again and consistently completing all its projects during the promised timeline. It has a rich legacy of extremely satisfied home buyers. Razack gave an example of the rousing response Prestige Group’s recent residential project launch in Bengaluru received. 

Razack added, “Earlier this year, when we launched Prestige Elysian it met with a resounding response, and we sold almost one-third of the project immediately. All our projects in Bengaluru and Hyderabad have garnered positive response.”

In the past, Razack had confirmed that Prestige Group had purchased property in Mumbai’s Byculla area and the company was working towards getting approvals for its launch. 

Razack feels that the positive reforms introduced by the government including the recent assurance of increased credit support to the developers are what will take India’s real estate industry to new heights. He also lauded the implementation of the Real Estate Regulation and Development Act (RERA), 2016 and GST (Goods and Services Tax).

“There is immense scope for development and investment opportunities for the real estate sector today,” Razack said.

Source: Hindu BusinessLine

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