Prestige Group plans to launch housing projects

Prestige Estates Projects Ltd, a real estate company based in Bengaluru, has outlined its plans to initiate projects in multiple Indian cities, including Delhi, NCR, Bengaluru, Hyderabad, Chennai, Mumbai, and Goa during the current year. Additionally, the company's Chairman and Managing Director, Irfan Razack, revealed their intention to enter the senior living segment. This announcement was made during the 21st CREDAI Natcon (The Confederation of Real Estate Developers Association of India's National Convention), which recently concluded in Sharm El-Sheikh, Egypt.

The company has strategic plans to collaborate with a Delhi-based company, TDI, to undertake a luxury housing project in Central Delhi. Furthermore, they are actively searching for additional land opportunities in Delhi-NCR to pursue further housing projects. 

Irfan Razack expressed their readiness to proceed if they come across a viable opportunity. Specifically, he mentioned that they have already taken significant steps towards a high-end residential development on KG Marg in Delhi. This project is structured as a Joint Development Agreement (JDA) with TDI, and they have initiated the term sheet and made the initial payment to Indiabulls to address some outstanding debt. The land in KG Marg encompasses approximately one acre. Although the project is currently in the planning phase, it is set to be a luxurious and upscale development, with the aim of launching it within the current fiscal year.