Prestige Estates Projects’ revenue increased sequentially due to contribution from residential projects. The company also announced execution of a term-sheet with Blackstone detailing the sale of its leased assets and the hotels business.
“The deal with Blackstone is work in progress. There is a lot of regulatory stuff that needs to get done and while that is happening we will also be cleaning out the entire due diligence process, which is almost done. Therefore, with all of this the deal should fructify in mid-December before Christmas,” said Irfan Razack, CMD of Prestige Estates in an interview to CNBC-TV18.
On core business, Razack said, “There is demand for all products, ready and under construction.”
The company will be doing plotted development in the coming quarters, he said.
“Plotted development is plotting and selling land. The only value addition is infrastructure and creation of amenities like clubhouse and common area. It’s for residential (purposes),” he added.
Razack expects to sell around three million square feet and does not expect property prices to go down further.
For entire interview, watch video