Prestige Estates to Invest Rs 30,000 Crore in New Housing Projects Across Major Indian Cities
Prestige Estates Projects Limited, one of India’s top real estate developers, has announced a massive investment of Rs 30,000 crore to launch new housing projects in major cities across the country. These projects are set to roll out between January and March 2025, marking a big step in the company’s growth despite facing some regulatory challenges in the past.
Where Will These Projects Be Launched?
According to Prestige Estates’ Executive Director, Zaid Noman, most of these projects have already been submitted for approval to the Real Estate Regulatory Authority (RERA). Once approved, the company plans to begin work on them in the coming weeks. The cities where Prestige Estates will focus its efforts include:
- Bengaluru
- Delhi-NCR
- Chennai
- Mumbai
These are some of the most in-demand real estate markets in India, where the need for quality housing continues to grow rapidly.
This investment is significant because it shows Prestige Estates’ commitment to expanding its presence in India’s real estate sector. Despite facing some difficulties due to regulatory delays, the company is moving forward with confidence. The launch of these projects is expected to boost the housing supply in urban areas where demand is high.
Company’s Performance in 2024-25
During the first nine months of the financial year 2024-25 (April–December 2024), Prestige Estates faced some setbacks. The company’s sales bookings dropped by 38% compared to the previous year, primarily because it couldn’t launch as many projects as planned due to regulatory issues.
Here’s a look at some key performance numbers from April to December 2024:
- Number of units sold: 3,618
- Total sales value: Rs 10,065.7 crore
- Amount collected from customers: Rs 8,910.9 crore
- Total area sold: 8.09 million square feet
- Average sale price per square foot: Rs 13,128
Despite these setbacks, Prestige Estates remains optimistic about the future. The company’s Chairman and Managing Director, Irfan Razack, believes that their annual sales target of Rs 24,000 crore is achievable as long as they receive the necessary approvals for upcoming projects on time.
What’s Next for Prestige Estates?
The company is confident that its upcoming projects will attract strong demand, given the current housing shortage in major cities. By focusing on key locations like Delhi, Mumbai, Bengaluru, and Chennai, Prestige Estates aims to strengthen its market position and continue its growth in India’s real estate industry.
Once the regulatory approvals come through, Prestige Estates is ready to roll out its projects and meet the high expectations of homebuyers. This Rs 30,000 crore investment is a clear indication that the company is gearing up for a big push in the Indian real estate market, offering more housing options to meet growing urban demand.
Image source: Prestige Group
