Prestige Group has shown by example what real estate developers need to do. Chic and smart projects, a customer-friendly approach, and in turn fewer or no complaints. The company has also ensured regular announcements of new projects. For instance, it has tied up with Mumbai-based DB Group for a mixed-development project comprising a large hotel and convention centre in Delhi at a total investment of around Rs 2,000 crore. The 3.5 million mixed-used project would be built over 7.70 acre at Aerocity in Delhi.
It's also building the largest Forum Mall in Bengaluru. Besides Prestige Falcon City, an integrated township on Kanakapura Road, the company launched Prestige Technostar – a commercial development at Whitefield; and Prestige Gulmohar – a high-rise residential development at Horamavu.
There are plans to focus on mid-income and affordable housing projects, the segment that has been driving demand for residential units in India. The Bengaluru-based company, which has ready stock worth over Rs 2,000 crore in the luxury housing segment, will take up more luxury housing projects only selectively.
Razack is also looking to expand its presence in Hyderabad, NCR, Pune and Mumbai with residential projects.
Shapoorji Pallonji Real Estate
Shapoorji Pallonji Group's real estate arm SPREL has partnered with Lokhandwala Infrastructure to jointly develop a marquee project 'Minerva' coming up at Mahalaxmi in South Mumbai. The development management business comprises a significant portion of its total portfolio and the company sees an immense opportunity for this model in Mumbai market.
Similarly, SPREL plans to acquire multiple land parcels for its Joyville mid-market housing brand while monetising non-core land. It plans to launch 6-7 housing projects between November and March, including three projects under Joyville Shapoorji Housing, besides four premium projects in Mumbai, Pune and Kolkata.
Currently, Joyville has four projects in the National Capital Region’s Dwarka Expressway and suburban locations near Pune, Mumbai and Kolkata. Joyville, which sells most of its homes at Rs 30-60 lakh, launched its first project in NCR in January and sold well, though the inventory was priced at Rs 65 lakh to Rs 1.2 crore.
In March, the company launched its first premium residential project in Thane called Shapoorji Pallonji Northern Lights. The project is spread over 4.8 acres of land and will offer different unit configurations of 2BHK premium homes. The project site is strategically located on Pokhran Road No. 2. It has sold 600+ flats during the launch of Shapoorji Pallonji Northern Lights.
Very recently, as part of its marketing strategy, One Mahalaxmi, a residential project by DB Realty and Radius Developers initiated some luxury brand collaborations through experiential events in Mumbai. An event of the company on Sunday with Navnit Motors had Ferrari displaying the New Ferrari Portofino and GTC4Lusso T besides a partnership with Art of Time, the official retailers for Cartier & IWC Schaffhausen timepieces in Mumbai.
Radius Developers is a modern take on Mumbai’s real estate. With a blend of professional flair and entrepreneurial passion, it is one of the trusted developers of Mumbai. What really sets it apart from other developers is that the company has taken bold bets by doing joint developments (JDs) with some stressed real estate companies.
Radius stems from a work culture that fuels its success on innovation and state-of-the-art technology. Radius is Chhabria’s independent venture into the real estate sector which brings with it The Wadhwa legacy and refreshingly new take on the real estate market.
Even more recently, Blackstone bought about 650,000 sq-ft space in the One BKC building in Mumbai’s Bandra Kurla Complex for Rs 2,600 crore.
At a time when most developers are reeling under the 'slowdown' effect, Godrej Properties has reported a 50% year-on-year (YoY) rise in consolidated net profit at Rs 31 crore for the quarter ended September 2019.
Despite the pessimism, the company continues to add new projects and enter new micro-markets in large cities and deepen its presence. Godrej is hoping to see an increase in market share in the short term. There are also plans to invest Rs 5,000 crore in the next two years, through a combination of equity and debt, in new projects.
The Group believes that developers who have a good track record and credibility are better positioned in the current market. For instance, its premium project launches have also done well.
Godrej had also announced that the company plans to launch about 18 projects during the current financial year. It has identified four focus markets and they are Mumbai, NCR, Bangalore and Pune. Then there plans to expand and launch projects in newer cities such as Ahmedabad and Kolkata.
It has seen a series of success with Godrej Central Park in Pune, where the company sold over 600 apartments. Other two successful launches were in NCR, Godrej Habitat in Gurugram and another project in Noida.