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real estate | IST

See pickup in all segments, bigger homes in favour, mid-income housing to sustain in long-term: Prestige Estates

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Irfan Razack, Chairman and Managing Director at Prestige Group said that he is seeing a pickup in all segments. However, he added that the bigger homes are more in favour now.

Irfan Razack, Chairman and Managing Director at Prestige Group said that he is seeing a pickup in all segments. However, he added that the bigger homes are more in favour now.
"People are buying larger homes. They are opting from two to a three or three to a four bedroom house and this trend will continue,” he said.
According to him, there is a need for good quality housing with all amenities at an affordable price and one should not ignore the mid-income housing as it will be the sustainer in long-term.
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"One should not suddenly change the entire product mix to only bigger homes because that will be a problem," he noted.
“We need to be cautious. We need to see that that mix continues and there should be a little tweaking. Give an additional room in a two bedroom which people can use it as a study or a breakout space and that I think will help,” he said.
"The overall mix should continue in the same way because in the Indian context, there is a need for homes, there are many people who don't have homes. This the segment that we should keep targeting,” he further said.
Talking about Prestige Group, Razack said that in September quarter, the company did Rs 2,100 crore worth of sale.
“In this current quarter, we launched in the same large development called the Prestige City in Sarjapur. We did the apartments and that has met with a very good response. We have all the mix. We have got two segments - one is only one bedroom and a two bedrooms, and a three and a four in second segment. All the four bedrooms are sold out, and the three bedrooms are also getting off the shelf. To sustain this, we also need to get the business from every city that we are working in. And we have to keep sustaining this. It's a tough job to sustain. But I do believe that the third quarter will be much better than the last two quarters,” he said.
According to him, there's a lot of consolidation that is happening in the realty market.
In terms of Mumbai market, he said, “When I entered Mumbai, we started with a residential development all of 350,000 square feet carpet and then one led to the other and today we have in our pipeline something like 16 million square feet both commercial and residential. Two absolutely blue chip locations for commercial one in BKC - almost 4.4 million square feet – and another 2.2 million square feet in Mahalakshmi. Both these will be landmarks for the city of Mumbai. These have a revenue potential."
For the full interview watch the accompanying video.
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