Prestige Group's Trust and Execution in the Mumbai Real Estate Market
Prestige Group, one of India's leading real estate developers, expands into Mumbai with a strong focus on trust and execution. CEO Tariq Ahmed discusses the strategic and emotional reasons behind this move, highlighting the group's commitment to deliverin
Real EstateMumbaiPrestige GroupIntegrated TownshipTrustReal Estate MumbaiDec 30, 2024
With more than 300 projects delivered, the group’s dedication to execution and customer satisfaction remains unwavering.
In a conversation with CNBC-TV18, Tariq Ahmed, CEO of Prestige Group’s West India division, emphasized the critical role of trust in the real estate sector.
“Someone's putting their life savings into their home...
for Prestige, that execution trust—the fact that you will have a home—is the cornerstone and what we relentlessly believe in,” said Ahmed.
Prestige’s expansion into Mumbai in 2022 was a significant step fueled by both strategic and emotional factors.
Chairman Irfan Razack’s long-held vision of establishing a presence in Mumbai, combined with the city’s vibrant and competitive real estate market, made this move inevitable.
Ahmed explained, “We entered at a time when the group was financially robust, allowing us to capitalize on strategic opportunities in the market.
This aligns with our vision to scale and make Prestige a dominant player in the West.”
One of the group’s flagship projects in Mumbai is Prestige City in Mulund, a 36-acre integrated township nestled at the foothills of Yogi Hills.
The development includes residential towers, a school in partnership with DPS, a hospital, retail spaces, and an office building.
“It’s a walk-to-everything lifestyle,” Ahmed said, highlighting the unique features of the project.
The first phase of Prestige City, Siesta, is set for delivery in 2025, marking another milestone in Prestige’s commitment to timely execution.
“We’re offering a unique oasis in the city, with stunning views and world-class amenities,” Ahmed added.
The Strategy Behind Entering Mumbai
When asked about Prestige’s strategy for entering the Mumbai market, Ahmed shared that the decision was driven by both emotion and fact.
The emotional aspect was rooted in Chairman Irfan Razack’s vision, which has been documented in media over the years.
Razack had always talked about the “Mumbai dream” and the desire to be a part of the city’s real estate market.
On the factual side, Mumbai is one of the largest and most vibrant real estate markets in India, making it a strategic move for a leading player like Prestige.
“Around 2018 and 2019, several players with stretched balance sheets approached us, and we were in a strong financial position having sold several assets to a private equity firm,” Ahmed explained.
This combination of factors allowed Prestige to enter the market and capitalize on large transactions, aligning with the group’s vision to achieve a certain scale.
The Personal Connection to Mumbai
Tariq Ahmed, who has lived in Mumbai for 20 years, shared his personal connection to the city.
Having seen Mumbai’s transformation over the years, he is excited about bringing Prestige’s high-quality execution and product to the city.
“Mumbai has the most amazing historical architecture and is now seeing vertical growth, much like New York City.
Prestige stands for trust, execution, and product quality, and bringing this to Mumbai is a unique blend of what we offer and what the city needs,” he said.
Trust in the Real Estate Sector
In the real estate sector, trust is paramount.
“Someone’s putting their life savings or 30 years of earnings into a home.
As a real estate developer, it’s our duty to ensure that trust and deliver on our promises,” Ahmed emphasized.
Prestige has a 40-year track record of delivering over 300 projects, even during challenging times.
The group’s commitment to finishing projects within three to five years is a testament to their dedication to trust and execution.
Prestige City An Integrated Township in Mulund
Prestige City in Mulund is a 36-acre integrated township that offers a unique blend of residential, educational, healthcare, retail, and commercial spaces.
The project is strategically located at the foothills of Yogi Hills, providing residents with stunning views and a peaceful environment.
The first phase, Siesta, is set to be delivered by 2025, ensuring that customers can start experiencing the full amenities of the development within three years.
“From the land parcel’s location to the amenities we’re offering, Prestige City stands out as an oasis in the city,” Ahmed said.
The project’s USP lies in its ability to provide a walk-to-work and walk-to-school lifestyle, making it a desirable choice for residents looking for a high-quality living experience.
Conclusion
Prestige Group’s expansion into Mumbai is a strategic move that combines the group’s commitment to trust and execution with the emotional vision of its chairman.
With projects like Prestige City in Mulund, the group is set to make a significant impact in the city’s real estate market, offering world-class amenities and a high-quality living experience to its customers.
Frequently Asked Questions
What is Prestige Group's vision for the Mumbai real estate market?
Prestige Group's vision for the Mumbai real estate market is to establish a strong presence in the city, driven by both emotional and strategic factors. The group aims to capitalize on strategic opportunities and align with the vision of Chairman Irfan Razack to make Prestige a dominant player in the West.
What is the significance of trust in the real estate sector?
Trust is crucial in the real estate sector as it involves significant financial investments from customers. Real estate developers like Prestige Group prioritize trust and execution to ensure that customers receive their homes as promised, which builds a strong brand reputation.
What is Prestige City in Mulund, and what are its key features?
Prestige City in Mulund is a 36-acre integrated township that includes residential towers, a school, a hospital, retail spaces, and an office building. It offers a walk-to-everything lifestyle and is nestled at the foothills of Yogi Hills, providing stunning views and a peaceful environment.
When is the first phase of Prestige City, Siesta, expected to be delivered?
The first phase of Prestige City, Siesta, is set for delivery in 2025. This marks another milestone in Prestige Group’s commitment to timely execution and customer satisfaction.
What is Tariq Ahmed's personal connection to Mumbai, and how does it influence Prestige Group's strategy?
Tariq Ahmed has lived in Mumbai for 20 years and has seen the city's transformation. His personal connection to Mumbai, combined with the group's strong financial position, influences Prestige Group's strategy to bring high-quality execution and product to the city, aligning with the chairman's vision.
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