Tariq Ahmed, Chief Executive Officer (CEO), (west), of Bengaluru-based real estate giant Prestige Estates Projects Ltd, said that the company has set a target of a topline of around Rs 10,000 crore from its western India markets, comprising Mumbai and Pune, in a few years. These markets comprise approximately one-fifth of targeted group revenue over the same period. Ahmed mapped out both residential and commercial developments in Mumbai and Pune, including redevelopment and integrated townships, as new vectors for growth.
"The West zone is growing year on year and we have a long term vision to transform it into a zone that delivers Rs 10,000 crore in sale value year on year. We are aiming to develop more land parcels in both residential and commercial development in the Mumbai and Pune markets.," Ahmed told Moneycontrol.
Shifting gears towards western India
Prestige Estates, a primarily south India-based realty company, has undertaken significant business development activities in the Mumbai Metropolitan Region (MMR). The realty firm has set its sights on the Pune market as well.
In 2025, Ahmed said that the company is planning to deliver homes at the Prestige Jasdan Classic project at Mahalaxmi in south Mumbai. Plans are also afoot about delivering Siesta, part of its 30-acre Prestige City integrated township in Mulund, a north-eastern suburb of Mumbai. The two projects are expected to bring revenues of around Rs 2,500 crore to the company.
‘Aspirational’ housing under the lens
Premium and luxury housing remains one of Prestige's focus areas in Mumbai. Ahmed said it would also lay emphasis on the "aspirational" segment in housing, including in the fringe areas and satellite cities of Mumbai such as the upcoming Mira Road project, being developed on a 5.4-acre land parcel. Each apartment will cost around Rs 1.2 crore to Rs 2.5 crore.
Similarly, flats at Prestige City project in Mulund are priced between Rs 3 crore and Rs 6 crore.
Greenfield projects in Mumbai and Pune
Earlier, Irfan Razack, Prestige's chairman and managing director indicated the company's interest in other urban centres of the Mumbai metropolitan region, such as Thane, Kalyan and areas around the upcoming Navi Mumbai international airport.
In some of its other greenfield projects, Ahmed said that construction is in progress in its Ocean Tower luxury project in Marine Lines. Ocean Tower is being built on a parcel of land that it bought from stressed developer DB Realty, which has since been renamed as Valor Estate, in which Prestige has sold more than Rs 2,000 crore worth of homes. Prestige is also working on a redevelopment project on Annie Besant Road in Worli. It has taken over the project from another developer on a Maharashtra Housing and Area Development Authority (MHADA) layout.
For its redevelopment play, the company has signed on a project — Prestige Daffodils, a 15-storey residential building — at the tony Pali Hill neighbourhood in Bandra. Ahmed maintained that redevelopment remains an attractive opportunity for developers.
Some developers, however, have complained that negotiations prior to the redevelopment project results in higher-than-normal demand for premiums from existing residents at housing societies. Industry insiders say that normally, developers provide houses to existing residents that are 35 t0 50 percent larger than their existing tenements.
However, in some in-demand micro-markets, residents often demand houses that are more than twice the size of their existing homes. This often affects the developers' margins in redevelopment projects, as it reduces the free sale component. Developers are also required to provide a corpus to the housing society's managing committees, to help with the upkeep of the society and pay common utility bills.
Known for its large commercial developments in Bengaluru, Prestige has also started to explore office space developments in Mumbai, starting with a 4 million square feet space in the Bandra Kurla Complex, Mumbai’s financial district, as well as a planned 2 million square feet development near the Mahalaxmi race course. The company has developed an office space at Kharadi technology hub in Pune. Prestige also plans to develop a "portfolio" of rental assets across its key markets, Ahmed added.
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