Prestige Group to launch its largest township in Hyderabad, eyes Rs 8,000 crore in sales
Prestige Group to launch its largest township in Hyderabad, eyes Rs 8,000 crore in sales
The investment for the project is about Rs 5,000 crore; the township in Hyderabad,and villas are set to be handed over in 2027.
With a potential sales value of over Rs 8,000 crore, Hyderabad’s largest township, The Prestige City, will be introduced on November 9 by the listed real estate developer Prestige Group, based in Bengaluru.
According to Praveer Shrivastava, Senior VP, Residential, Prestige Group, the project, which spans 64 acres and is situated in Rajendranagar, will have 119 luxury villas, 4,647 apartments, and a retail center.
He continued by saying that the project will require an expenditure of almost Rs 5,000 crore, and the inventories will be turned over in 2027.
With flats taking up roughly 9.7 million square feet (msf), the development of the apartments and villas will total 10.5 million square feet (msf). Over one lakh square feet will be devoted to the shopping mall.
The apartments’ ticket sizes will range from Rs 79 lakh to above Rs 2.5 crore for the four-bedroom units.
“The project is just 15 minutes away from the airport and about 30 minutes from the prime Gachibowli and Hitech City areas. The RERA approvals for the residential segment have already been received and the excavation work is currently on,” Srivastava said.
The Group is also planning, for the first time, to launch the project in Metaverse to provide a visual experience to the homebuyers. “The process is under development and will be available by the end of this month. The homebuyers will be able to explore the project virtually, including amenities and the landscaping,” Shrivastava added.
FSI beneficial
Hyderabad is the only city in India where the state government does not restrict the floor area ratio (FSI) thus leading to more high rises.
Thirteen skyscrapers reaching G+41 stories will rise in the Prestige City. “The developers have benefited from Hyderabad’s unlimited FSI policy. We have also chosen to include a lake and 24 acres of green space within the project to further encourage sustainability,” Shrivastava added.
But he also mentioned that Hyderabad’s real estate market is extremely strong, surpassing even the policies.
“Compared to Bengaluru, Hyderabad consumes more residential space. The home market in the city has performed better than the national average during the past two years. The volumes have nearly doubled in the city, he said, despite the real estate sector growing by 30 to 40 percent. In Hyderabad, the older city’s small business community and IT community tend to be the target market for homeowners. In addition, many properties in the city center are now out of reach due to the skyrocketing costs per square foot in popular neighborhoods like Gachibowli.”
Rs 5,000 crore revenues
According to Shrivastava, the Prestige Group aims to generate an annual revenue of Rs 5,000 crore from the Hyderabad real estate sector within the next two to three years.
The organization is currently working on a number of city projects, both ongoing and upcoming. With a total saleable inventory of Rs 1,000 crore, it launched Prestige Clairemont and four more projects about a year ago.
Additionally, we have purchased two land lots in Budvel, Hyderabad, for a total of over 28 acres in a government auction that will be held in six months. In around three months, another opulent home development in exclusive Banjara Hills will open,” Shrivastava continued.
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