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Media Information
Prestige Group lines up Rs 7,000-cr launches

Published & Updated as on - 2010-02-16

Real estate developer Prestige Group has lined up launches for the next two quarters, for which the company plans to invest over Rs 7,000 crore spread over three-four years.

Launching the high-end luxury residential project, Prestige White Meadows, at Whitefield, Bangalore, Mr Irfan Razack, Chairman and Managing Director, Prestige Group, said that the company has several projects in the residential, commercial and retail segments to be launched in the next two quarters.

The company plans to fund these projects through a combination of internal accruals, bank debt and the IPO proceeds.

On when the company plans to go public, Mr Razack said that they were waiting for regulatory approvals. “The IPO gives us more liquidity to expand.”

The company plans an investment of over Rs 2,000 crore across eight projects in the residential segment, out of which four are high-end luxury ones.

A few would be in the affordable segment — Rs 12 lakh to Rs 25 lakh price range, he added.

Beside the high-end UB City and Prestige White Meadows projects, the company has high-end projects on Edward Road and Kensington Road in Bangalore. In the affordable segment, would be about 2,800 units being planned in Bangalore North, a township on Kanakpura Road – planned as a mixed use development – where 80 per cent of development would be residential, and a project in Bangalore South (Subramaniapura).

On the commercial segment, investments would be over Rs 2,000 crore, Mr Razack said, adding that three projects in Bangalore are under various stages of implementation.

Prestige Exora Business Park – where overall development would be 2.1 million sq ft; Cessna Business Campus – a dedicated space for Cisco, where Phase I would see development of 7 lakh sq ft, with a scope for another 2 million sq ft development; Prestige Tech Park Phase III, which would see development of 1.1 million sq ft Besides, the commercial space at Prestige Shantiniketan of about 3.5 million sq ft would be ready by April this year, he added.

Six retails are being planned across South India at an investment of about Rs 1,500 crore, while about Rs 1,000 crore would be invested in three-four hospitality projects, said Mr Razack.

Source:Hindu Business Line

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