In a major boost for India’s commercial real estate market, Prestige Office Ventures, the office arm of Prestige Group, is planning a massive expansion across key metros, targetting an office portfolio of 30 million square feet by April 2028 and an annual rental income of Rs 3,200 crore by December 2028.
“We are definitely going to grow this office business,” said Juggy Marwaha, Chief Executive Officer (CEO), Prestige Office Ventures, in an interview with Moneycontrol.
“We have over 17 million sq ft of office space under construction, with 7.5 million sq. ft in Mumbai alone and another 10 million sq ft spread across Bengaluru, Hyderabad, and Chennai. By end of FY27, We expects to have 17–18 million sq. ft of new office space operational and taking its total portfolio to 30 million sq ft by April 2028,” Marwaha told Moneycontrol.
The 30 msf office portfolio would include the existing 12 msf of completed assets.
In Delhi, Prestige Office Ventures has just completed 7 lakh sq ft worth of space in the Aerocity area, and the company is planning one or two more projects in Gurugram and Noida next. Juggy Marwaha said the group is also diversifying into data centre infrastructure business, building a 100 MW facility for NTT in Bengaluru.
Marwaha said the expansion will entail an investment of around Rs 12,000 crore.
“Typically, around 20 million sq ft under construction at an average cost of Rs 6,000 crore would translate to Rs 12,000 crore investment. By 2028-29, we expect a net operating income of Rs 3,200 crore per annum,” he said.
Data Centre Push
Prestige is also diversifying into the data centre infrastructure business, leveraging its strong real estate capabilities to cater to hyperscalers.
“We have built a 100 MW data centre for NTT in Bengaluru. So, because of the demand we are seeing, we have decided to expand in data centres,” Marwaha said.
Prestige Office Ventures had recently signed a memorandum of understanding (MoU) with Maharashtra to build data centre facilities in Talegaon, near Pune, focusing on core and shell buildings with last-mile power infrastructure.
“We will host these (buildings) for hyperscalers like NTT and AWS, where they can come and take up the buildings. The horizon for these projects is about 3-5 years,” the CEO said.
Apart from Chennai, Prestige said Mumbai and Delhi-NCR are big markets in India for such infrastructure.
Office Demand to Push Up Rentals
Despite global uncertainty, Marwaha expressed optimism about India’s office market outlook, particularly in Bengaluru. “Office markets are quite hot right now. Due to strong office demand, we see rentals going up in Bengaluru. I anticipate 15-20 percent jump in office rentals in a year,” he said.
Marwaha added that a similar trend is visible across prime office markets in Hyderabad and Gurugram, among other cities.
Office properties at the Outer Ring Road in Bengaluru are already trading at above Rs 100 per sq ft (average), said Juggy Marwaha, adding that the myth of $1 rental is gone as the average per sq ft rental in Grade-A space is now $1.20 and it can even go up to $1.40-1.50 psf.
The current uptick in demand for premium, energy-efficient office spaces across major Indian cities, is driven by global capability centres (GCCs), tech firms, and domestic corporates consolidating operations.
Juggy Marwaha said Prestige Office Ventures’ aggressive development pipeline is positioning the company as a key player in India’s next phase of commercial real estate growth.
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