Prestige Estates Projects is in focus after the company acquired about 67 percent stake in Prestige Projects for Rs 324 crore. In an interview to CNBC-TV18, Irfan Razack, CMD of Prestige Estates spoke at length about the same and about relaxed investment norms for Real Estate Investment Trusts (REITs).
Razack said Sebi's move has enabled companies to set stage for listing REITs.
He further said that REITs are the future of commercial real estate.
Talking about Prestige Projects, he said this was a piece of land which we were in process of acquiring and now we have consolidated it.
The land is about 185 acres and this will be a township project where we will have a combination of affordable housing, mid-income housing, villas, plotted development as well as retail, he said.
On RERA front, he said Real Estate Regulatory Authority (RERA) will weed out the marginal players in the real estate market.
He further mentioned that several new launches in next few quarter will help us achieve FY18 guidance.
Watch accompanying video for more details.
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