Prestige Group to launch 8 projects

Bangalore-based Prestige group, which is looking to come out with an initial public offering (IPO) soon, is making plans to launch eight new projects in the residential space.

It is also planning affordable housing projects on Kanakapura road and Subramanyapura road.

“We are looking to invest Rs 2,000 crore each in residential and commercial properties. For the development of malls and our hospitality projects, we are looking at Rs 1,500 crore and Rs 1,000 crore respectively in the next three and half years,” said Irfan Razack, CMD of Prestige Group.

The company has developed 20 million sq feet and has 13 million sq feet under development. It is working on developing malls in Bangalore, Mysore, Kochi, Hyderabad and Chennai, which will total around 5 million sq ft.

Razack said that close to 50-60 per cent of the planned investment would come through internal accruals and sales while the balance would be from debt and the IPO they are planning. The company has filed a draft red herring prospectus (DRHP) and is awaiting SEBI approvals on the same. Market estimates are that it is looking to raise around Rs 1,200 crore from the public offer.