Prestige Group to pump Rs 7,500 cr to gain foothold in Mumbai

The Bengaluru-based Prestige Group, which is entering the financial capital, has drawn plans of investing at least Rs 7,500 crore over the next four-five years to get a foothold in the foremost realty markets in the country, a top official has said.

The listed company, which has a presence in the southern market and has delivered over 250 projects, will develop both residential and commercial projects in the financial capital, its MD Irfan Razack said.

He said the group envisages developing at least 16 million square feet of space in six projects spread across the city and will be conservative in its approach in the market, which has seen quite a few developers facing troubles.

“We want to be a responsible developer who delivers whatever we have signed up for. We are not in any hurry and will be conservative,” he said, detailing the projects.

The projects include developing one commercial property each in the Bandra Kurla Complex business district and one in central Mumbai’s Mahalaxmi as well, along with a 6 mn square feet integrated development project in the northeastern suburb of Mulund.

Other projects include a project each in Bandra’s upmarket Pali Hill, south Mumbai’s Marine Lines which will be developed jointly with a Balwa group entity and a redevelopment project in central Mumbai’s Worli, he said.

Razack said some of the projects it is developing were stuck due to many reasons in the past and the group will be completing the same, and added they also include projects taken over from the National Company Law Tribunal. This should be seen as part of consolidation in the market, he said.