Prestige Group Launches Kozhikode Project for Rs 1,200 Cr Revenue

Prestige Group, a Bengaluru-based listed real estate developer, has expanded its operations to Kozhikode, Kerala, marking its entry into the region. The inaugural residential project, Prestige Ocean Pearl, is anticipated to generate a potential revenue of Rs 1,200 crore. Set to be delivered in May 2027, the project spans 1.5 million square feet and represents an investment of Rs 800 crore. Comprising 530 luxury 3/4 BHK apartments across four towers, with a ticket size ranging from Rs 1.7 to 2.5 crore, it stands as one of the largest developments in the Beach Road area, soaring 28 floors.

Praveer Shrivastava, Senior VP, Residential at Prestige Group, disclosed that the project is a collaborative effort with Westend Avenue LLP, further solidifying the group's presence in the Kerala real estate market.

Simultaneously, Prestige Group continues its strategic growth in Bengaluru. In November, it unveiled Prestige Glenbrook, a project sprawling across 4.5 acres with a sales potential of Rs 550 crore. Looking ahead to Q4FY24, the company aims to launch additional residential projects in Bengaluru, including one in Whitefield with a sales value of Rs 600 crore. Furthermore, an 80-acre plotted development is planned in Bengaluru south's Jigani, with a sales potential of Rs 900 crore. Another plotted development is in the pipeline for north Bengaluru, targeting a sales potential of Rs 350 crore.

Expanding its footprint beyond southern India, Prestige Group has strategic plans for northern regions. The company eyes growth in the National Capital Region (NCR), encompassing areas such as Noida, Delhi, and Gurugram. Additionally, expansion plans extend to Goa.

Overall, Prestige Group's foray into Kozhikode, coupled with ambitious projects in Bengaluru and expansion into new regions, reflects its robust growth strategy and commitment to diverse real estate ventures.