Prestige Estates Sets Ambitious Revenue Target of Rs 10,000 Crore in Mumbai and Pune Markets

Prestige Estates Projects Ltd, a Bengaluru-based real estate leader, has unveiled an ambitious vision for western India, targeting an annual revenue of Rs 10,000 crore from the flourishing markets of Mumbai and Pune. This goal represents a significant 20% of the group’s overall revenue aspirations, as the company shifts gears to expand its footprint beyond its stronghold in southern India.

Tariq Ahmed, the CEO for Prestige Estates (West), shared insights into this transformational journey. “The West zone is thriving, and we see a long-term vision to establish it as a robust contributor delivering Rs 10,000 crore annually. Both residential and commercial developments in Mumbai and Pune are key drivers of this growth,” Ahmed remarked.

Expanding Horizons in Western India

Mumbai and Pune are at the heart of Prestige’s western India strategy. From the bustling Mumbai Metropolitan Region (MMR) to Pune’s evolving real estate landscape, Prestige Estates is making bold moves to capture market demand. In Mumbai, projects like the Prestige Jasdan Classic at Mahalaxmi and Siesta, a part of the integrated Prestige City township in Mulund, are set to generate revenues of approximately Rs 2,500 crore by 2025.

Focus on Premium and Aspirational Housing

While luxury and premium housing remain the cornerstone of Prestige’s offerings, the company is equally committed to the aspirational segment. Projects in emerging locations like Mira Road are creating affordable luxury opportunities, with apartments priced between Rs 1.2 crore and Rs 2.5 crore. Meanwhile, upscale flats at the Prestige City Mulund project are offered at Rs 3 crore to Rs 6 crore, catering to discerning buyers.

Redevelopment: A Strategic Growth Lever

Redevelopment is emerging as a strategic avenue for Prestige Estates in Mumbai. The company has undertaken several high-profile projects, such as the luxury Ocean Tower at Marine Lines and the redevelopment of a prestigious property on Annie Besant Road, Worli. Another noteworthy project, Prestige Daffodils, located in the posh Pali Hill area of Bandra, underscores the potential of redevelopment despite its complexities.

Ahmed highlighted that while redevelopment presents lucrative opportunities, it also comes with challenges like high premium demands from residents and constraints on developers' margins. Yet, the company remains undeterred, viewing it as an essential part of its growth strategy.

Foray into Commercial Spaces and Rental Assets

Known for its landmark commercial developments in Bengaluru, Prestige Estates is now carving a niche in Mumbai and Pune’s commercial real estate. In Mumbai’s financial district of Bandra Kurla Complex (BKC), Prestige is building an impressive 4 million square feet of office space. Additionally, a 2 million square feet project near Mahalaxmi Racecourse is on the horizon. Pune is not far behind, with an office space already developed in the Kharadi technology hub.

Prestige also envisions building a robust portfolio of rental assets across these key markets, further diversifying its revenue streams and cementing its leadership in the real estate sector.

Building for Tomorrow

As Prestige Estates expands its reach, it combines bold ambitions with thoughtful execution. Whether through landmark projects, aspirational housing, or cutting-edge commercial developments, the company is setting a benchmark for real estate innovation in western India.

With Mumbai and Pune at the core of its western expansion, Prestige Estates is well-positioned to achieve its Rs 10,000 crore target and redefine urban living for millions.