Page 24 - Images Retail January 2018

MY THOUGHTS

‘2017 TURNED OUT

TO BE A BRILLIANT

YEAR FOR PRESTIGE

GROUP’

– By Irfan Razack, CMD, Prestige Group
Going forward, factors like rapid urbanisation,
increased migration to cosmopolitan and
Tier I cities, and the Government’s focus on
infrastructure and affordable housing will
give the required impetus and push to the real
estate sector…

ast year, GST to be a brilliant year for the
and RERA company.
played a very In April 2017, we
signifi cant role restructured the company
in redefi ning by segregating the retail,
L real estate residential, offi ce and
in India. Both Bills were hospitality portfolios into
introduced in 2017, which four separate segments. Th is
resulted in the modifi cation helped us look at the business RETAIL MALLS launching 2-3 large-scale IT
of several rules/regulations from a diff erent perspective. HAVE BEEN DOING developments in Bengaluru.
related to the real estate and We intend to scale these EXTREMELY GOOD Simultaneously, we will be
construction industries. segments over time. We are BUSINESS. IN THE developing an IT Park in Pune
After GST was implemented, also exploring new cities and RETAIL SPACE, WE and an offi ce building in Gift
we also had to realign the hope to be in the West and City.
fi nancial structure and North by the end of 2018. WILL BE OPENING THE Retail malls have been
understand how to execute Th e residential real MYSORE CENTRE CITY doing extremely good
new launches, keeping estate market has picked MALL IN JANUARY. business. In the retail space,
in line with the new laws. up pace. Th e demand is FORUM PRESTIGE we will be opening the
Hence, a lot of time was growing steadily. I feel SHANTINIKETAN, Mysore Centre City Mall
spent in understanding that the long-term impact WHITEFIELD IS in January. Forum Prestige
the legal implications of all of the recent economic EXPECTED TO Shantiniketan, Whitefi eld is
these changes. As a result, reforms will only add to the expected to be ready in the
no new products came growing enthusiasm and BE READY IN THE second quarter of 2018. Both
into the market in terms of positive outlook for real SECOND QUARTER our hospitality projects, Th e
new launches, but we had estate in India. With rapid OF 2018 Sheraton Grand and Th e
satisfactory sales from our urbanisation, the demand for Conrad will start operations
existing inventory. From housing in the aff ordable and housing will give the required from February.
that aspect, I think we have mid-income group segments impetus and push to the real Progress is impossible
done very well as a company. has always seen an upward estate sector. without change. It is up to
While the market as a whole growth trajectory. As long In fact, the demand for each one of us how we choose
witnessed some turmoil with as developers are able to commercial space is seen as to evolve as individuals in
several developers extending produce homes between 25 a litmus test for the overall this ever-changing world.
off ers and schemes to ensure lakhs to 100 lakhs, there will health of the economy. As we enter a New Year, full
sales, at Prestige, without always be a constant demand. With businesses fl ourishing of new hopes, dreams and
launching any new properties, Going forward, factors like globally and several processes possibilities, I would like to
we managed to meet our sales rapid urbanisation, increased getting outsourced to India, take this opportunity to thank
targets by selling from the migration to cosmopolitan the absorption of commercial all our patrons and friends for
current inventory that was and Tier I cities, and the space is on the rise. We have their continued support, and
under production. Looking Government’s focus on near zero vacancy in our wish everyone a wonderful
back, 2017, I feel, turned out infrastructure and aff ordable offi ce developments. We are and prosperous 2018!

24 | IMAGES RETAIL | JANUARY 2018