Prestige Group Announces the Launch of Its Third Property during a Month’s Time

 About Prestige Group

Prestige Group, one among the leading land developers within the country, features a legacy of over three decades in land development. it's diversified business models across the Residential, Office, Retail, and Hospitality segments with operations in 12 key locations in India. As of 31 March 2020, the Group has completed 247 projects with developable area of 134 mn sft and has 45 ongoing projects across segments, with total developable area of 52 mn sft. Further it's 57 mn sft under planning and holds a land bank with potential developable area of over 27 mn sft. the corporate has been graded CRISIL DA1 by CRISIL and also enjoys credit rating of ICRA A+. The consolidated turnover of the corporate for the year ended March 31, 2020 is INR 82433 Mn.

August 2020 marks a key milestone, with the virtual launch of three Prestige properties – Prestige Ocean Crest (the company’s very first property in Goa), Prestige Primrose Hills (Bengaluru), and Prestige Waterford (Bengaluru). The tremendous response has provided much-needed business impetus and boosted customer confidence during these testing times.

Commenting on the hat-trick, Mr. Irfan Razack, CMD, Prestige Group said, “The Covid-19 pandemic has made the planet pause and re-assess the way we live and work. As market leaders, we owe it to our industry also as our customers to evolve and innovate with the changing times. At Prestige Group, it's been our constant endeavour over the years to adapt and learn so as to remain before the curve. Right now, our focus is on setting the narrative for the new normal, powered by technology, adaptability and ingenuity.”

The term sheets between the 2 parties have already been signed and therefore the deal is probably going to be concluded next month. Prestige group will utilise a serious portion of sale proceeds to scale back its debt. Its net debt stood at Rs 8,667.6 crore at the top of the second quarter with a mean cost of 9.65 per cent.

Prestige City Prestige Estates Projects recently reported 40 per cent fall in consolidated net income at Rs 93.8 crore for the quarter ended September. It had posted a net income of Rs 157.2 crore within the year-ago period. Total income stood at Rs 1,916.7 crore within the second quarter of this fiscal year , as against Rs 1,962.7 crore within the year-ago period. Prestige Group has thus far completed 247 projects covering 134 million square foot area. In the housing segment, the corporate has completed 118 projects and is currently developing 30 more projects. 

Prestige Sarjapur smart City - It has completed 36 million square foot of office space and 15 million square foot area is under construction. within the mall segment, 7 million square foot has been completed and another 3 million square foot area is under construction. In hotel business, Prestige group has 1,262 keys and is developing 1,229 keys.