Bengaluru-based listed real estate developer Prestige Group plans to launch its largest township in Hyderabad, The Prestige City, on November 9 with a sales potential of upwards of Rs 8,000 crore.
Praveer Shrivastava, Senior VP, of Residential, Prestige Group, told Moneycontrol that the project, located in Rajendranagar, sprawling 64 acres will have 4,647 apartments, 119 luxury villas, and a retail mall.
He added that the investment for the project is about Rs 5,000 crore, and the inventories are scheduled to be handed over in 2027.
The total development of the apartments and villas will be 10.5 million square feet (msf), with apartments occupying about 9.7 msf. The retail mall space will occupy over 1 lakh sq ft.
The ticket sizes for the apartments will start at Rs 79 lakh and will go north of Rs 2.5 crore for the 4 BHKs.
"The project is just 15 minutes away from the airport and about 30 minutes from the prime Gachibowli and Hitech City areas. The RERA approvals for the residential segment have already been received and the excavation work is currently on," Srivastava said.
The Group is also planning, for the first time, to launch the project in Metaverse to provide a visual experience to the homebuyers. "The process is under development and will be available by the end of this month. The homebuyers will be able to explore the project virtually, including amenities and the landscaping," Shrivastava added.
FSI beneficial
Hyderabad is the only city in India where the state government does not restrict the floor area ratio (FSI) thus leading to more high rises.
The Prestige City will see 13 towers rising to G+41 floors. "The unrestricted FSI policy of Hyderabad has been beneficial for the developers. In addition, to promote sustainability we have decided to create 24 acres of green patches inside the project along with a lake," Shrivastava said.
However, he also added that more than the policies, the real estate in Hyderabad is particularly booming.
"Hyderabad has a larger consumer of residential space than Bengaluru. Over the last two years, the city's residential market has outpaced the national average. While the real estate sector has grown by 30-40 percent, the volumes have almost doubled in the city," he said. "In Hyderabad, on average, the target homebuyers are the IT population and large-scale small business population in the older city. Additionally, with the prices in prime areas like Gachibowli soaring beyond Rs 10,000 per square foot, a lot of real estate in the city centre has become unaffordable."
Rs 5,000 crore revenues
Shrivastava said that currently, the Prestige Group is looking to clock Rs 5,000 crore revenue from the Hyderabad real estate market annually over the next 2-3 years.
Currently, the Group has several ongoing and to-be-launched projects in the city. About a year back it had launched Prestige Clairemont and four other projects with a total saleable inventory of Rs 1,000 crore.
"Also, we have bought two land parcels in Budvel in Hyderabad in a government auction totalling over 28 acres to be launched within six months. Another ultra-luxury residential project in prime Banjara Hills will be launched in about three months," Shrivastava added.
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