Page 54 - Construction & Architecture Update JAN-FEB 2018

DEVELOPER Irfan Razack, Prestige Group

Today, our esteemed patrons turn to

the Prestige Group for their residential and

commercial needs with no hesitation or
anxiety about whether we will deliver on

our promises.

— IRFAN RAZACK, CMD, Prestige Group

Kindly share your insights on how real estate fared
in 2017, and what can be expected from the industry
and the Prestige Group in 2018.
Last year, GST and RERA played a very significant role in
redefining real estate in India. Both Bills were introduced in
2017, which resulted in the modification of several rules /
regulations related to the real estate and construction industries.
After GST was implemented, we also had to realign the financial
structure and understand how to execute new launches, keeping
in line with the new laws. Hence, a lot of time was spent in
understanding the legal implications of all these changes. As Conrad Bengaluru
a result, no new products came into the market in terms of Poolside
new launches, but we had satisfactory sales from our existing
inventory. From that aspect, I think we have done very well as a growth trajectory. As long as developers are able to produce
company. While the market as a whole witnessed some turmoil homes between 25 lakhs to 100 lakhs, there will always be a
with several developers extending offers and schemes to ensure constant demand.
sales, at Prestige, without launching any new properties, we Going forward, factors like rapid urbanization, increased
managed to meet our sales targets by selling from the current migration to cosmopolitan and Tier 1 cities, and the Government’s
inventory that was under production. Looking back, 2017, I feel, focus on infrastructure and affordable housing will give the
turned out to be a brilliant year for the company. required impetus and push to the real estate sector.
In April 2017, we restructured the company by segregating the In fact, the demand for commercial space is seen as a litmus
retail, residential, office and hospitality portfolios into 4 separate test for the overall health of the economy. With businesses
segments. This helped us look at the business from a different flourishing globally and several processes getting outsourced to
perspective. We intend to scale these segments over time. We India, the absorption of commercial space is on the rise. We have
are also exploring new cities and hope to be in the West and near zero vacancy in our office developments. We are launching
North by the end of 2018. 2-3 large-scale IT developments in Bangalore. Simultaneously,
The residential real estate market has picked up pace. The we will be developing an IT Park in Pune and an office building
demand is growing steadily. I feel that the long-term impact in Gift City.
of the recent economic reforms will only add to the growing Retail malls have been doing extremely good business. In the
enthusiasm and positive outlook for real estate in India. With retail space, we inaugurated the Mysore Centre City Mall on
rapid urbanization, the demand for housing in the affordable 08 January 2018. Forum Prestige Shantiniketan, Whitefield is
and mid-income group segments has always seen an upward expected to be ready in the second quarter of 2018.

052 January-February 2018 > Construction & Architecture Update > www.constructionarchitectureupdate.com

52_55_Prestige_Interview.indd 52 20-01-2018 18:35:28