Prestige Estates Expands in Luxury Housing, Sees Inventory Buildup
Prestige Estates Projects Ltd, a leading real estate firm, expects healthy demand in the luxury housing market despite concerns over inventory buildup. The company is expanding its footprint in key markets, including the NCR and Mumbai.
Luxury HousingReal EstatePrestige EstatesNcrMumbaiReal Estate NewsFeb 27, 2025
The company, known for its projects in Bengaluru, is now looking to expand its presence in other key markets like the National Capital Region (NCR) and Mumbai.
Praveer Shrivastava, the head of residential sales at Prestige Estates, spoke to Moneycontrol about the company's plans and the current state of the luxury housing segment.
According to Shrivastava, despite the possibility of inventory buildup, the demand for luxury homes remains robust.
\
Frequently Asked Questions
What is Prestige Estates' outlook on the luxury housing market?
Prestige Estates remains optimistic about the luxury housing market, despite concerns over inventory buildup. The company has sold a significant number of high-value apartments in Bengaluru, indicating strong demand.
Where is Prestige Estates planning to expand its presence?
Prestige Estates is looking to expand into key markets like the National Capital Region (NCR) and Mumbai. The company is planning major projects in these regions, including an integrated township in Ghaziabad's Indirapuram.
What is the demand-supply gap in the housing market according to Prestige Estates?
There is a significant demand-supply gap in the mid-income and premium segments, particularly in the Rs 1.5 crore to Rs 4 crore range. This gap is where the real demand exists, according to Praveer Shrivastava, head of residential sales at Prestige Estates.
What challenges does Prestige Estates face in the NCR market?
The NCR market is highly competitive, with strong local players and increasing focus on high-ticket sizes. However, Prestige Estates is confident in its ability to attract customers through its reputation and product quality.
What are Prestige Estates' plans in the Mumbai metropolitan region?
Prestige Estates is planning to deliver its first two projects in Mumbai—the Prestige Jasdan Classic in Mahalaxmi and the Prestige Siesta project in Mulund. The company is also proceeding with the ultra-luxury Prestige Nautilius project in Worli, targeting an average ticket size of up to Rs 50 crore.
Related News Articles
Paradigm Realty to Transform Mumbai's Western Suburbs with 11 Luxury Redevelopment Projects
Mumbai's real estate market is set to witness a significant transformation with Paradigm Realty's plans to redevelop 11 housing societies in the western suburbs, offering luxury gated projects with a gross consolidated revenue potential of around Rs 4,500
Building Affordable Housing: Expert Insights for Union Budget 2024
Strengthening RERA and digital platforms can foster trust and transparency in property transactions, while reinstating PMAY CLSS can make housing more affordable for EWS and LIG sectors.
MahaREAT Ruling: Builder Liable to Pre-Deposit Amount Received from Homebuyer and Financer
The Maharashtra Real Estate Appellate Tribunal has held that the builder is liable to pre-deposit the amount received from the homebuyer, as well as the amount paid by the financer to the builder on behalf of the homebuyer.
CoWrks Strengthens its Grip on India's Flexible Workspace Market with New Expansions
India's leading co-working space provider, CoWrks, expands its presence in Mumbai and Bengaluru, capitalizing on the growing demand for flexible workspace solutions.
South Mumbai's Rhythm House Finds a New Owner Through Insolvency Auction
Rhythm House, a beloved cultural landmark in South Mumbai, has been acquired by Bhaane Retail for Rs 30 crore. The historic property, which has been a focal point for music and culture in the city, undergoes a new chapter under its new ownership.
UBS Predicts Sustainable Growth in Real Estate: Initiates Buy on Two Stocks
UBS has forecast a sustainable upcycle in the real estate sector, leading to a buy recommendation on one largecap and one midcap stock. This comes after the Nifty Realty index saw record gains of over 3% in the previous session, driven by rising property