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Prestige Estates looking to grow rental income to over Rs 3,000 crore in next 4-5 years: Venkat K Narayana, CEO


Bengaluru:

Prestige Estates

is looking to grow itsrental incomeover the next 4 to 5 years to over Rs 3,000 crore from Rs 1,100 crore now, saidVenkat K Narayana, Chief Executive Officer, Prestige Group.

The Bangalore headquartered firm will be expanding its commercial and residential portfolio aggressively as it focuses on the next phase of growth, said officials.

“Despite the challenging environment, Prestige has recorded its highest ever quarterly sales during Q3FY21. Both our annual marketing events and the newly launched projects have received a good response,” said Narayana.

The firm that is in the final stage of closing a Rs 9,161 crore commercial and retail real estate portfolio deal with Blackstone has 7.3 mn sq ft of office assets under its portfolio generating a rental income of Rs 568 crore.

Separately, it is also looking to expand its residential portfolio and gain market share through asset-light and joint development models.

In the last six months, it has launched 3.15 mn sft residential projects, up 71% year-on-year.

“We are witnessing strong traction across our business segments. The record sales were backed by the strong response to our ready to move in projects and newly launched projects in Bangalore and Hyderabad,” he added.

The real estate major recorded its highest ever quarterly sales of Rs 2,026 crore, up 80% QoQ and 55% YoY in the third quarter of FY21.

The sales Volumes were at 2.98 mn sft —up 69% QoQ—with average realization at Rs 6,790 per sq ft.

The firm currently has 52 mn sqft of commercial and residential assets under construction and 85 mn sq ft under planning and design stage.

According to Liases Foras, housing sales has recorded 25% sequential growth in sales across top eight cities in the December quarter after a steep fall due to the outbreak of COVID-19 and the resultant lockdown across the country.

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