Prestige Group plans expansion in 2013
The Bangalore based real estate developer, Prestige Group is planning to spread out their real estate business in 2013. A higher official of Prestige group believes that there are many areas in Bangalore which are fast approaching saturation because of infrastructural constraints.
One can expect improvement and increased development in selected areas in Bangalore including townships in Sarjapur, Kanakpura and North Bangalore from Prestige. The new policies implemented on the retail sector, will see renewed growth and energy.
In 2013, Prestige Group will come with several retail projects. Forum Vijaya Mall in Chennai will be their first retail project this year, followed by the opening of Forum Sujana in Hyderabad and Forum Mangalore and thus marking its retail expansion across South India. They will soon begin operating Aloft Hotel in the ORR and Oakwood Service Residences in Whitefield, on the hospitality front.
Prestige Group is also planning to expand with sizeable offerings in the commercial leasing market, as the office market has witnessed a steady growth rate. Prestige group has leased out office space and retail space spaces of approximately 2.5 million sq ft previous year and this year they are targeting to lease out approximately 3 million sq ft of retail/commercial space.
Many of their retail and commercial projects are on under construction status, which once developed will draw rental revenue of Rs 500-550 crore by the year 2015, which will further increase and strengthen the case flow of the company.
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