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Prestige to focus on affordable housing

Realty firm Prestige Estates Projects plans to focus on mid-income and affordable housing projects, the segment that has been driving demand for residential units in India.

, ET Bureau|
Updated: Oct 29, 2019, 10.51 AM IST
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Housing random BCCL
BENGALURU: Realty firm Prestige Estates Projects plans to focus on mid-income and affordable housing projects, the segment that has been driving demand for residential units in India. The Bengaluru-based company, which has ready stock worth over Rs 2,000 crore in the luxury housing segment, will take up more luxury housing projects only selectively, said Irfan Razack, managing director of Prestige Group, the parent company. Prestige had earlier tied up with Vijay Mallya and Leela Hotels for one of the most expensive luxury homes projects in Bengaluru.

Prestige is also looking to expand its presence in Hyderabad, NCR, Pune and Mumbai with residential projects. It recently partnered with New Consolidated Construction Company (NCCCL) and Ace Group to develop residential projects in Mumbai and Noida. “We have utilised HDFC money to invest in three recent housing projects. Entry into new geographies should add lots to our scale,” said Razack.

In 2018, the builder entered into a strategic partnership with HDFC Capital Advisors to set up a dedicated residential platform to invest in the mid-income and affordable housing segment.

This platform has capital to the tune of Rs 2,500 crore, which is a combination of equity and debt.

“The platform has been very beneficial for us,” said Razack.

The company is also looking to increase its hotel portfolio. It recently entered into a joint venture with DB Realty to build the country’s largest hotel in Delhi.
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