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Prestige Estates continues to rise for a second day after the company's arm, Exora Business Park begins exploratory talks to divest significant minority stake to GIC. In an interview with CNBC-TV18, Irfan Razack, CMD of Prestige Estates spoke about the latest happenings in his company and sector.
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on't expect margins to be eroded due to affordable housing business, said Irfan Razack, CMD, Prestige Estates.
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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 REITs.
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As the economy gears up for the goods and services tax (GST), the real estate sector is the one in focus today. The sector will attract a tax rate of 12 percent but there will also be availability of input tax credit on construction materials.
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The company is dealing in different asset classes and each of these asset classes business has grown to a large extent. "So we felt to segregate each of these businesses, office, retail, hospitality and residential, into separate segments", Irfan Razack, CMD of Prestige Estates told CNBC-TV18.
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Be selective in the real estate space, focus on players that have operational assets, says Adhidev Chattopadhyay, Real Estate Analyst, Emkay Global Financial Services.
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No new launches are expected in the current quarter, says Irfan Razack, CMD of Prestige Estates Projects in an interview to CNBC-TV18.
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Time is in fact right to buy property because the fall in property prices is unlikely, says Irfan Razack, Chairman and Managing Director, Prestige Estates.
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Strong sales from the new launches had been factored into our FY16 revenue guidance of Rs 3500 crore given out in February, but it is likely to exceed that, says Irfan Razack, chairman and managing director of Prestige Estates.
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Adhidev Chattopadhyay, Real Estate Analyst at Elara Capital likes Oberoi Realty, Godrej Projects from Mumbai and Sobha Developers, Prestige and Brigade Enterprises from Bangaluru.
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Irfan Razack, Chairman & Managing Director, Prestige Estates says construction of malls and commercial property will add to the company's rental portfolio, which may go upto Rs 800-850 crore.
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Irfan Razack, Chairman and Managing Director, Prestige Estates, says a total of five new projects in Bangalore and Mangalore are ready for launch.
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Bengaluru real estate market has seen a subdued demand in residential market but Irfan Razack, CMD of Bengaluru based Prestige Estates says that's because of a lengthy approval process for new projects.
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The company would continue to grow on all parameters in FY16 with project pipeline of over 10 million square feet mainly in Bangalore, Chennai and Kochi, said Venkat Narayana, CFO, Prestige Estates.
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Going forward the company is confident of attaining 15-20 percent growth and expect revenues from Kochi and Chennai to improve significantly in FY16, said Irfan Razack, CMD of Prestige Estates.
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Rajeev Talwar, ED, DLF says the finance minister seems to be responding to the realty sectors woes and that this move will give big boost to affordable housing.
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In an interview to CNBC-TV18, Irfan Razack, CMD, Prestige Estates, said the average realization stands at Rs 5,800 per sq ft against Rs 6,200 /sq ft on a quarter-on-quarter basis.
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The company sold 904 units (area of 1.55 million square feet) worth Rs 940.2 crore in the quarter gone by, a growth of 24.69 percent compared to a year ago period.
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Despite a general slowdown across real estate market, Prestige Estates has seen a strong second quarter and overall a successful first half.
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In an interview to CNBC-TV18, Irfan Razack, CMD of Prestige Estates speaks about the real estate space and the company‘s future plans.
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Irfan Razack, Chairman & Managing Director, Prestige Estates Projects told CNBC-TV18 that on August 15 it will launch another big project in North Bangalore called Prestige Royal Gardens which has got 1696 units and is hopeful to perform well.
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"The Prestige Royal Gardens will start at 4,000 plus. We have single bedroom apartments also in this project, so ticket price will be fairly decent. You can even start with a ticket price of around Rs 27 lakh," says chairman Irfan Razack.
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Jaideep Wahi of Cushman & Wakefield says, with the emergence of new malls in the central location of Mumbai, existing retailers are either downsizing their stores or in some cases exiting the location.
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Irfan Razack, CMD, Prestige Estates says that business in Bangalore and Chennai is very strong with excess supply getting consumed effortlessly. He expects the momentum in Q4 to be as strong as in Q3 and does not see significant improvement in profits, going forward.
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In an interview to CNBC-TV18, Irfan Razack, chairman and managing director of Prestige Estates said the appetite for IPP was good both from the domestic fund and foreign institutional investors (FIIs). The subscription was almost 2.75 times, he added.
