Prestige Group Launches ₹3,350 Cr Housing Project in Chennai Amid Bullish Sales Target

Prestige Pallavaram Gardens is one of the flagship residential projects launched by Prestige Estates Projects Ltd. in Chennai and is likely to bring in proceeds of ₹3,350 crore from the Pallavaram-Thoraipakkam Radial Road location, one of the fastest-developing corridors of the city.

The project is spread across 21.84 acres and comprises 2,069 luxury apartment units, with a total saleable area of 3.1 million sq. ft. This Gross Development Value (GDV), reportedly at ₹3,350 crore, indicates the company’s confidence in the rising demand for residential properties in Chennai.

“The Chennai market has emerged as one of the most dynamic real estate markets in South India, and we are happy to have a bigger presence out there,” said Irfan Razack, Chairman and Managing Director of Prestige Group.

One of the larger developers based in Bengaluru, with diversified interests and operations in residential, commercial, retail, hospitality, and integrated township sectors, the company has delivered 302 projects covering 193 million sq. ft. with another 130 projects in the pipeline covering 203 million sq.ft.

However, it is bullish about growth, even setting itself a target of ₹27,000 crore of sales for the current fiscal, a stunning 59% jump on last year’s target. Conversely, it expressed this optimism against the setting of a 19% drop in sales bookings to ₹17,023 crore in FY24, being hampered by unnecessary delays from regulation approvals.

“This launch in Chennai, Schmidt believes, will greatly contribute toward achieving this target, as Prestige aims to take advantage of the strong housing demand triggered by the fast-growing urban population across major cities in South India.”

Yet another strategic move in the developer’s never-ending quest to leverage the potential micro-markets while being aggressive in its expansion across the country.