(MENAFN- Live Mint)

Bengaluru: The Prestige Group, a leading developer, plans to develop premium, mixed-use development projects in key property markets under a new sub-brand named The Prestige Place, a top company official said.
Each project will have a high-end hotel, branded residences, premium homes, office space and a shopping mall under Prestige's own Forum brand.
It has earmarked two such projects, one in Hyderabad and the other in Mumbai.

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Bengaluru-based Prestige is known for its residential projects, business parks and shopping malls, and has been steadily building a multi-city real estate footprint beyond its home turf.
“We have created this brand, The Prestige Place, that will have a combination of different real estate products within a project. Besides Mumbai and Hyderabad, going forward, we will explore similar project opportunities in other key geographies for us-NCR (National Capital Region) and Bengaluru," Prestige Group chairman and managing director Irfan Razack said in an interview.

In Hyderabad, Prestige is planning to develop a mixed-use project spanning approximately 15 acres in the Budvel locality. The project will feature a St. Regis hotel, a Forum mall, offices, residences and more.
Razack said the project is currently in the planning stage.
The developer is in a more advanced stage to launch the Mumbai project under The Prestige Place sub-brand. The Jijamata Nagar slum redevelopment project spans 17 acres in the city's upscale Worli neighbourhood.

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It will be developed in partnership with Valor Estate Ltd (formerly DB Realty), and will have a Waldorf Astoria hotel and branded residences, a Hilton hotel, apartments, retail and office.
In the April-June quarter, among the top listed developers, Prestige reported the highest sales at ₹12,126 crore, driven by the launch of high-ticket projects and a strong performance in the National Capital Region (NCR).

In the current financial year, the developer aims to clock around ₹27,000 crore of residential sales, on the back of strong housing demand and a large launch pipeline. It achieved ₹17,023 crore in sales for FY25.
As Prestige ramps up its portfolio, it is also diversifying by creating differentiated product categories beyond the usual residential, office and shopping mall segments.

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For instance, it plans to develop lavish golf-themed luxury resorts in Goa, Lonavla and Hyderabad, as it aims to replicate its signature Golfshire property near Bengaluru, Mint had reported earlier.
It also develops integrated townships under the Prestige City sub-brand across cities.
Prashant Thakur, head of research and advisory, Anarock Property Consultants, said that large developers such as Prestige Group are creating destination developments that are self-sustaining projects.
“Prestige's portfolio already has different kinds of projects. With a new brand under Prestige's larger real estate brand, it can create a distinct identity for a certain type of project. In this case, it is a hybrid brand that will cater to hospitality, housing, and commercial real estate requirements," Thakur added.

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