Prestige Group Targets Rs 12,000 Crore Office Expansion, Aims for Rs 3,200 Crore Annual Rentals by FY28

In a significant 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. The company aims to achieve 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. “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 the end of FY27, we expect to have 17–18 million sq ft of new office space operational, taking our total portfolio to 30 million sq ft by April 2028,” Marwaha explained.

The 30 million square feet (msf) office portfolio will include the existing 12 msf of completed assets. In Delhi, Prestige Office Ventures has just completed 7 lakh sq ft of space in the Aerocity area. The company is also planning one or two more projects in Gurugram and Noida next. Marwaha mentioned that the group is diversifying into the data center 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 stated.

Prestige is also diversifying into the data center infrastructure business, leveraging its strong real estate capabilities to cater to hyperscalers. “We have built a 100 MW data center for NTT in Bengaluru. So, because of the demand we are seeing, we have decided to expand in data centers,” Marwaha said.

Prestige Office Ventures recently signed a memorandum of understanding (MoU) with Maharashtra to build data center 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 added.

Apart from Chennai, Prestige said Mumbai and Delhi-NCR are big markets in India for such infrastructure. 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 a 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 centers (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.