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Only way to develop Mumbai is through redevelopment, says Irfan Razack

business | Nov 30, 2022 6:23 PM IST

Only way to develop Mumbai is through redevelopment, says Irfan Razack

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Prestige Group did not participate in the Dharavi redevelopment project. “We are still infant in the Mumbai market and we don’t want to go in crashing there. We are trading ourselves softly in Mumbai,” Irfan Razack, CMD of Prestige Group said.

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Prestige Group is executing some redevelopment projects as the CMD, Irfan Razack, of the company believes that redevelopment is the only way to develop Mumbai.
Redevelopment as a theme has come back in the real estate market. There is a shortage of land in Mumbai. “The only way to get the raw material, which is land, is redevelopment,” he said.
There are many societies, which have become old-aged over a period of time and this is the opportunity as many redevelopment proposals keep coming to the company on a daily basis.
Prestige is evaluating it on a one-to-one basis and is doing a few of the redevelopments. “It is working but it is a long process. It takes its own time,” he mentioned.
Prestige Group did not participate in the Dharavi redevelopment project. “We are still infant in the Mumbai market and we don’t want to go in crashing there. We are trading ourselves softly in Mumbai,” he said.
The company is doing things in a measured way and doesn’t want to get itself into something that is too much to handle, he added.
While assessing the impact of rising interest rates he said, interest rates going up is a concern because it is also a matter of affordability.
The Prestige Estates stock has been under pressure, it is down 16 percent from its 52-week high.
For the full interview, watch the accompanying video
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