Bengaluru: The Prestige Group, a leading developer, plans to develop premium mixed-use developments in key real estate markets under a new sub-brand called The Prestige Place, a top company official said.
Each project will have a high-end hotel, branded residences, premium homes, office space and a shopping mall under its own Forum Prestige brand.
It has earmarked two such projects, one in Hyderabad and the other in Mumbai.
Bengaluru-based Prestige is known for its residential projects, business parks and malls and is steadily building its real estate footprint in more cities outside its home territory.
“We have created this brand, The Prestige Place, which will have a mix of different real estate products within the project. Apart from Mumbai and Hyderabad, we will explore similar project opportunities in the future in other key geographies for us – NCR (National Capital Region) and Bengaluru,” Prestige Group Chairman and Managing Director Irfan Razack said in an interview.
In Hyderabad, Prestige plans to develop a mixed-use project of approximately 15 acres at Budvel locality. The project will include the hotel St. Regis, Forum shopping center, offices, residences and more.
Razack said the project is currently in the planning stages.
The developer is in an advanced stage to launch a project in Mumbai under the brand name The Prestige Place. The Jijamata Nagar slum redevelopment project occupies 17 acres in the city’s upscale Worli district.
It will be developed in partnership with Valor Estate Ltd (formerly DB Realty) and will have a Waldorf Astoria hotel and branded residences, a Hilton hotel, apartments, retail and offices.
In the quarter between April and June, among the top listed developers, Prestige reported the highest sales at ₹12,126 crore, driven by high-ticket project launches and strong performance in the National Capital Region (NCR).
In the current financial year, the developer aims to break even ₹27,000 crore in residential sales due to strong housing demand and a lot of momentum. It was achieved ₹17,023 crore in revenue for FY25.
As Prestige expands its portfolio, it is also diversifying by creating differentiated product categories beyond the conventional residential, office and shopping mall segments.
For example, it plans to build lavish golf-themed luxury resorts in Goa, Lonavla and Hyderabad as it aims to replicate its signature Golfshire estate near Bengaluru, Mint reported earlier.
It is also developing integrated urban areas under the Prestige City brand across cities.
Prashant Thakur, head of research and consultancy, Anarock Property Consultants, said large developers such as Prestige Group are creating destination developments that are self-sustaining projects.
“The Prestige portfolio already has different types of projects. With the new brand under the larger real estate brand, Prestige can create a different identity for a certain type of project. In this case, it is a hybrid brand that will cater to hospitality, residential and commercial real estate requirements,” Thakur added.
