Prestige Group plans to open the largest township in Hyderabad

By Bricksnwall | 2023-11-08

The project would cost approximately Rs 5,000 crore, and the flats and villas will be delivered in 2027.

With a potential sales value of over Rs 8,000 crore, Hyderabad's largest township, The Prestige City, will be introduced on November 9 by the listed real estate developer Prestige Group, based in Bengaluru.

According to Praveer Shrivastava, Senior VP of Prestige Group's Residential division, Moneycontrol, the project, which spans 64 acres and is situated in Rajendranagar, would have 119 luxury villas, 4,647 flats, and a retail centre.

He continued by saying that the project will require an expenditure of almost Rs 5,000 crore, and the inventories will be turned over in 2027.

With flats taking up roughly 9.7 million square feet (msf), the development of the apartments and villas will total 10.5 million square feet (msf). Over one lakh square feet will be devoted to the shopping mall.

The apartments' ticket sizes will range from Rs 79 lakh to above Rs 2.5 crore for the four-bedroom units.

The property is located approximately half an hour from the airport and half an hour from the upscale neighbourhoods of Gachibowli and Hitech City. Excavation work is now underway, and the RERA approvals for the residential component have already been obtained, according to Srivastava.

In order to give purchasers a visual experience, the Group also intends to introduce the project in Metaverse for the first time. "The procedure is being developed, and by the end of this month, it will be accessible. Homebuyers would have the ability to virtually tour the project, taking in the scenery and facilities, said Shrivastava.

The only Indian city where the floor area ratio (FSI) is not restricted by the state government is Hyderabad, which encourages the construction of more tall buildings.

Thirteen skyscrapers reaching G+41 stories will rise in Prestige CityHyderabad's limitless FSI legislation has helped the developers. . Additionally, we have chosen to include a lake and 24 acres of green space within the project to further encourage sustainability," Shrivastava added.

But he also mentioned that Hyderabad's real estate market is extremely strong, surpassing even the policies.

"Compared to Bengaluru, Hyderabad consumes more residential space. The home market in the city has performed better than the national average during the past two years. The volumes have nearly doubled in the city, he claimed, despite the real estate sector growing by 30?40%. Homeowners in Hyderabad typically target the small business and IT populations in the older part of the city.  Furthermore, many properties in the city core are no longer affordable due to the skyrocketing costs of real estate in desirable locations like Gachibowli, which now exceed Rs 10,000 per square foot.

According to Shrivastava, the Prestige Group aims to generate an annual revenue of Rs 5,000 crore from the Hyderabad real estate sector in the next two to three years.

The Group is now working on a number of projects throughout the city that will soon be released. Prestige Clairemont and four more projects with a total saleable inventory of Rs 1,000 crore were introduced by the company around a year ago.

Additionally, we have purchased two land lots in Budvel, Hyderabad, for a total of over 28 acres in a government auction that will be held in six months. In around three months, another opulent home development in exclusive Banjara Hills will open," Shrivastava continued.