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Prestige Group inaugurates developments across 3 asset classes

Business Finance


The Prestige Group inaugurated three landmark properties in the city today to keep pace with the ever-growing demand for the world-class residential, commercial and mixed-use spaces in Bengaluru.

Prestige Gulmohar, Prestige Technostar and Prestige Falcon City are all set to transform the skyline of India's IT hub.

"These are good times for the Indian real estate industry. Last year recorded a whopping 75 per cent increase in the housing launches across top Indian cities, while more than five million sq. ft. of retail space became operational in key markets. The real estate sector in India, as per industry reports, is expected to reach a market size of USD 1 trillion by 2030. With the Securities and Exchange Board of India (SEBI) giving its approval for the Real Estate Investment Trust (REIT) platform, the investment opportunities for this preferred asset class are bigger than ever", said Irfan Razack - CMD, Prestige Group.

"We, at Prestige Group, take pride in the fact that all our projects were ready as per the schedule and delivered on time. Buoyed by the increasing transparency, trust and returns, customers today are looking to invest in properties offering top-notch amenities as well as generous lung space to cater to the myriad aspirations of the human mind, body and soul", he added.

"With Prestige Falcon City, we are gearing up to present the largest Forum mall in Bengaluru. The domestic retail real estate sector is expanding, driven by consumerism across the urban spectrum. The Prestige Group is one of the largest mall owners in the country today. Currently, the company has 9 operational malls across Bengaluru, Chennai, Hyderabad, Mangaluru, Mysuru and Udaipur, with over 5 mn sq. ft. of gross leasable area and close to 2000 stores. 5 more Forum malls are currently under construction across Bangalore, Chennai, Kochi and Kakkanad, covering approximately 8.1 mn sq. ft. of retail space. By 2023, we aim to have more than 25 malls covering over 14 mn sq. ft. and around 5000 stores", he elucidated.

"We have received extremely positive responses for all three properties and hope that people will appreciate living/working/ spending their leisure hours in them," he added.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, May 07 2019. 12:04 IST