In India, Prestige Group is a well-known company that builds homes. It is based in Bengaluru. The company recently said it plans to spend Rs. 10,000 crores over the next five years to build commercial office space in Bengaluru. By 2027, this vital project hopes to bring in about Rs. 2,800 crores yearly from the commercial sector in net operating income.
Prestige Group plans to sell more than 12,000 homes in India by March 2023. The company wants to sell around 5,000 homes in Bengaluru, 5,000 homes in Hyderabad, 2,000 homes in Pune, and between 400 and 700 homes in Mumbai. Soon, the company wants to begin working on household projects in the National Capital Region (NCR).
The developer wants to build 40 million square feet of office space in Delhi, NCR, Hyderabad, Pune, Bengaluru, Chennai, and Kolkata over the next five years. The company wants to fill between 40 and 45 million square feet of space this year.
In Bengaluru, the company is building two large office parks. One is being built with Blackstone on the Outer Ring Road and is 4.5 million square feet. The other will open in the first quarter of 2025 near Hebbal and is about 2.5 million square feet. The company is also building India's tallest office building in Mahalaxmi, Mumbai. It is working on a four million-square-foot office space in Bandra Kurla Complex that will open in 2026 and be managed by CBRE.
The Prestige Group also wants to open warehouses and data centers in India. The company plans to open one data center in Bengaluru. It will have a capacity of about 100 megawatts and will be up and running in 12 to 18 months. The company has joined forces with IndoSpace to look for warehouse opportunities in Bengaluru. It plans to open two big warehouse parks in the city that will be between 5 and 6 million square feet.
Lastly, the company wants to double its retail business in the next three years by opening nine malls in Bengaluru, Chennai, Hyderabad, and Kochi, with a total area of 8 million square feet by January 2026. The company might also start doing business in Mumbai in the next few years.
Prestige Group plans to invest in commercial office space, household units, data centers, warehouses, and retail space. This will be good for India's real estate market. Bengaluru is one of India's fastest-growing cities. The company's emphasis on it will vitally help the city's economy. The building of office buildings and shopping malls will also put people to work in the city. We can only hope this will show that big projects like this are possible.
In conclusion, the Prestige Group's investment in commercial development in Bengaluru is good news for the city and the country. It shows that the group wants to be the best in the real estate business and is open to new ideas. We can only wait with bated breath for this project to be done and to see how this investment will affect the Indian real estate market.
Prestige Group prelaunch apartment is Prestige Dew Drops.