The Prestige Group is planning to develop six state-of-the-art malls in the country. Currently, the company has nine operational malls across Bengaluru, Chennai, Hyderabad, Mangaluru, Mysuru and Udaipur, with over 5 million sq-ft of gross leasable area and close to 2,000 stores.
Five more Forum malls are under construction across Bengaluru, Chennai, and Kochi covering approximately 8.1 million sq-ft of retail space. By 2023, the company intends to have more than 25 malls, covering over 14 million sq-ft and around 5,000 stores.
Apart from mall constructions, the company has also planned various projects in the hospitality, commercial and residential space. In 2019, the Prestige Group completed projects covering 24.2 million sq-ft, including 19 million sq-ft of residential space and 5.2 million sq-ft office space.
Looking back on 2019, Irfan Razack, CMD, Prestige Group said, “Particularly for companies that have delivered on their promises and retained customer trust. In 2019, we completed projects covering 24.2 million sq-ft, including 19 million sq-ft of residential space and 5.2 million sq-ft office space. We have completed projects on time, continually meeting customer expectations and sustaining a good momentum of growth. In fact, there has been almost zero vacancy in our commercial properties this year.”
For Prestige, 2019 was, indeed a busy year. “We ventured into new markets like Mumbai and National Capital Region (NCR) in the residential as well as commercial space. We got into strategic collaborations in the hospitality segment – with DB Group to build India’s largest Hotel and Convention Centres at Aero City in Delhi and with Marriott International to develop six hotels across India. With these partnerships, we are poised to become one of the largest hospitality players in India. Incidentally, there has been a renewed interest in the hospitality sector from leading global investors, complementing the infrastructure development in metros as well as tier II and tier III cities.”
