Prestige Estates Expands into NCR and Mumbai with Strategic Projects
Prestige Estates Projects Ltd is optimistic about the luxury housing market despite industry concerns over inventory buildup. The company is expanding its footprint in the NCR and Mumbai with new projects, including the integrated township in Ghaziabad an
Prestige EstatesReal EstateNcrMumbaiMidincome HousingReal Estate MumbaiFeb 27, 2025
The company remains bullish on the demand for mid-income and premium housing, which it believes is underserved in key markets.
Praveer Shrivastava, head of residential sales at Prestige Estates, noted that while there is some inventory buildup in the luxury segment, particularly in the above-Rs 4 crore category, the overall demand remains robust.
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Frequently Asked Questions
What is the current state of the luxury housing market according to Prestige Estates?
Prestige Estates notes that while there is some inventory buildup in the luxury housing segment, particularly in the above-Rs 4 crore category, the overall demand remains robust. They have sold over 1,100 out of 2,000 apartments launched in the Rs 4 crore-Rs 6 crore category in Bengaluru in the past five months.
What segments of the housing market does Prestige Estates believe are underserved?
Prestige Estates believes that the mid-income and premium segments, priced between Rs 1.5 crore and Rs 4 crore, are underserved in key markets. They see a significant demand-supply gap in these segments.
What are Prestige Estates' plans in the NCR?
Prestige Estates is planning to launch its integrated township format, the Prestige City project, in Ghaziabad's Indirapuram. The project is on a 62.5-acre land parcel with a gross development potential of around Rs 11,000 crore. They are also exploring more regions in NCR, including Gurugram and more land parcels in Noida.
What is Prestige Estates' strategy in the Mumbai market?
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. They are also proceeding with the ultra-luxury Prestige Nautilius project in Worli, targeting an average ticket size of up to Rs 50 crore.
How is Prestige Estates financing its new projects?
Despite raising around Rs 5,000 crore from a qualified institutional placement (QIP), Prestige Estates is largely funding its new projects, including the Indirapuram project and recent launches in Bengaluru, through internal accruals. The QIP proceeds are being used to retire debt and acquire land in target geographies.
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