Construction Industry News
Bengaluru-based real estate developer Prestige Group plans to launch its largest township in Hyderabad, The Prestige City, with a sales potential of over Rs 8,000 crore.
Located in Rajendranagar, the project covers 64 hectares and will include 4,647 apartments, 119 luxury villas and a shopping mall. The investment for the project is around Rs 5,000 crore and inventories are expected to be delivered in 2027.
The total development of the apartments and villas will be 10.5 million square meters (msf), with the apartments occupying approximately 9.7 msf. The space in the mall will span over one lakh square feet. The ticket sizes for the apartments start at Rs 79 lakh and will go up to Rs 2.5 crore for the four BHKs.
The project is 15 minutes from the airport and about 30 minutes from Gachibowli and Hitech City areas. RERA approvals for the residential segment have already been obtained and excavation works are currently underway. The Group also plans to launch the project for the first time on Metaverse to provide a visual experience to homebuyers, which will include aspects such as amenities and landscaping. The Prestige City will see 13 towers grow to floors G+41.
While the real estate sector has grown by 30-40 per cent, volumes in Hyderabad have almost doubled and the targeted home buyers are, on average, the IT population and the small business segment. Large scale in the oldest city.
