Prestige Group launches largest residential project in Kozhikode, eyes Rs 1,200 cr revenue

Prestige Ocean Fields Pearl in Kerala's Kozhikode.

Bengaluru-based listed real-estate developer Prestige Group has forayed into Kozhikode, Kerala, to launch its first residential project with a potential revenue of Rs 1,200 crore.

The project, Prestige Ocean Pearl, will be handed over in May 2027, and sprawls over 1.5 million square feet (msf) for an investment of Rs 800 crore, Praveer Shrivastava, Senior VP, Residential, Prestige Group, told Moneycontrol.

The project has 530 luxury 3/4 BHK apartments spread across four towers with a ticket size of Rs 1.7-2.5 crore. It is one of the largest projects in the Beach Road area with 28 floors.

The project is being built in joint development with Westend Avenue LLP and will help to strengthen the group's presence in Kerala further.

Kerala's growing real estate market

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"To date, we have already completed and delivered about 5 msf in Kochi, including the residential and commercial segments. Around 2.5 msf of projects are currently ongoing in the state, including Ocean Pearl," Shrivastava said.

A report by CREDAI Kerala and Cushman & Wakefield, on November 4, said Kerala is poised to be one of the top eight real-estate markets in India, what with favourable government policies, a large diaspora of skilled non-resident Keralites, a qualified and skilled talent pool and improved infrastructure.

"Our major reason for foraying into Kozhikode is its strategic location. It is one of the trading hubs in the state and we expect the majority of our buyers to be high networth individuals (HNIs) and NRIs from the Gulf," Shrivastava added.

More launches in Bengaluru

In November, the company launched Prestige Glenbrook in Bengaluru, sprawling 4.5 acres, with a sales potential of Rs 550 crore.

"In Q4 of FY24, we are looking to launch more residential projects, like one in Whitefield, with a sales value of Rs 600 crore. We are also looking at an 80-acre plotted development launch in Bengaluru south's Jigani, with a sales potential of Rs 900 crore. Another plotted development is set to be launched in north Bengaluru, with a sales potential of Rs 350 crore," Shrivastava said.

In northern India, the company is planning to expand its footprint in the NCR region, including Noida, Delhi and Gurugram. It is also planning to expand its footprint in Goa.