The Prestige Group, one of the leading property developers in South India, has outlined its plans to enter the Hyderabad market with a Rs 140-crore Royal Woods housing project and a Rs 380-crore mega mall coming up in partnership with the Hyderabad-based Sujana group and Capita Land of Singapore.
The senior vice president of the Prestige Group, Swaroop Anish said the housing project in Hyderabad is coming up along the Outer Ring Road project on way to the new international airport in a 25-acre green site.
The project will have exclusive villas priced in the range of Rs. 1.8 crore and Rs. 4.4 crore. “The project is targeted at young couples, senior business executives and businessmen who are looking at exclusive residential projects wherein they can relax after a busy day’s schedule. We have consciously decided not to have any apartments in this venture,” he said.
The company has, thus far, completed about 150 projects with a total built-up area of 34 million sq ft. “We are developing another 57 million sq ft across various cities in South. The company, which closed last year with revenues of Rs 1,086 crore, is in the process of entering capital market with maiden public offer to raise about Rs 1,200 crore,” he said.
The company had earlier entered into a pact with the Sujana group to develop a mega mall with an investment of Rs 380 crore. The project is being executed in partnership with Capita Land, a company that specialises in developing malls. This project, coming up in a four-acre site, will have about 8 lakh square feet.
“The Prestige group currently manages two malls under the brand name The Forum in Bangalore and shortly commission third one in Chennai. This would be the fourth for the company,” he said.
