Prestige Group is introducing their largest Township in Hyderabad targeting a sale of Rs. 8000 crore

One of the top players of real estate market, Bengaluru based company Prestige Group is stepping towards Hyderabad with investing about Rs 5,000 crore for building The Prestige City, Hydearbad  which will be handed over by 2027. This residential complex will be the largest ever township in Hyderabad. They are eyeing on to grab a sale of Rs 8,000 crore.

Senior VP, of Residential, Praveer Shrivastava Prestige Group, mentioned that, the project, located in Rajendranagar, sprawling 64 acres will have 4,647 apartments, 119 luxury villas, and a retail mall. The total development of the apartments and villas will be 10.5 million square feet, with apartments occupying about 9.7 msf. The retail mall space will occupy over 1 lakh sq ft. The ticket sizes for the apartments will start at Rs. 79 lakh and will go north of Rs 2.5 crore for the 4 BHKs.

Srivastava quoted that, "The project is just 15 minutes away from the airport and about 30 minutes from the prime Gachibowli and Hitech City areas. The RERA approvals for the residential segment have already been received and the excavation work is currently on."

Prestige Group is aiming to launch the project in Metaverse to provide a visual experience to the homebuyers.  Regarding this Srivastava added that, the whole process is under construction and it will be available by the end of this month. The homebuyers will be able to explore the project virtually, including amenities and the landscaping.

As in Hyderabad there is no restriction the floor area ratio, The Prestige City will see 13 towers rising to G+41 floors. Srivasatava said, "The unrestricted FSI policy of Hyderabad has been beneficial for the developers. In addition, to promote sustainability we have decided to create 24 acres of green patches inside the project along with a lake."

He further added, “Hyderabad has a larger consumer of residential space than Bengaluru. Over the last two years, the city's residential market has outpaced the national average. While the real estate sector has grown by 30-40 percent, the volumes have almost doubled in the city. In Hyderabad, on average, the target homebuyers are the IT population and large-scale small business population in the older city. Additionally, with the prices in prime areas like Gachibowli soaring beyond Rs 10,000 per square foot, a lot of real estate in the city centre has become unaffordable. "

Currently The Prestige City is focusing to clock Rs 5,000 crore revenue from the Hyderabad real estate market annually over the next 2-3 years. About a year ago it had launched Prestige Clairemont and four other projects with a total saleable inventory of Rs 1,000 crore. Srivastava said that, Prestige group has bought two land parcels in Budvel in Hyderabad in a government auction totalling over 28 acres to be launched within six months and another ultra-luxury residential project in prime Banjara Hills, which will be launched in about three months.