Prestige Group plans to invest Rs 10,000 crore for commercial development

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Bengaluru-based Prestige Group plans to launch more than 12,000 residential units across India by March 2023 and invest Rs 10,000 crore for office space development in Bengaluru over the next five years.

The company is planning its largest developments of about 50 msf in Bengaluru. “We are developing two large office parks in the city — one sprawling 4.5 msf in partnership with Blackstone in the Outer Ring Road. The construction has started and is set to launch by Q1 of 2024. Another one will be launched in Q1 of 2025 near Hebbal at about 2.5 msf.

“In Mumbai, we are only looking at fewer fresh launches of Rs 2.5 crore and above. We are also looking at 200 acre-plus township development in Hyderabad over the next year under our Prestige City wing,” Swaroop Anish, Executive Director, Business Development, Prestige Group was quoted saying.

The office space in Bandra Kurla Complex is managed by CBRE and is set to be launched by 2026.
Prestige Group has also got one data centre in Bengaluru in the pipeline with a capacity of about 100 megawatts, which will be operational over the next 12-18 months. Recently, the company partnered with IndoSpace for opportunities in warehousing across Bengaluru.

“We are looking at two large warehousing parks — of about 5-6 msf — in the city, one in Dobbaspet and another in East Bengaluru. While we will handle the local developments, the design, planning, execution and leasing will be done by IndoSpace,” Jagdeep Singh Marwaha, Chief Executive Officer, Prestige Office Ventures was quoted saying.

Earlier this month, the company inaugurated Forum Falcon City, a sprawling 8 lakh sq ft retail space, in Bengaluru.