The company has other big launches planned for the year. Prestige's chairman Irfan Razack spoke to CNBC-TV18 regarding the new launches and their expectations going ahead.
Also Read: Bengaluru property experiencing positive flux across sector
Below is the verbatim transcript of Irfan Razack's interview on CNBC-TV18
Q: You have launched a couple of projects in Chennai recently, including a villa project. How exactly are you reading this market?
A: Chennai is a nice, steady, conservative market and is very strong fundamentally. Unlike the launches that keep happening in Bangalore, launches in Chennai are not many and are far between. There is a lot more potential in Chennai and we are pursuing various options there.
Q: What exactly are those plans?
A: In Chennai, we have tied up a couple of large properties. There is another villa development that is approved this month and we will be doing a soft launch called Prestige Silver Springs on the ECR Road which will be an exciting project in terms of look, feel and design. It will be the ultimate luxury living. It is a large piece of land, almost 20 acres with only 77 homes and will be a sellout as soon as we do the prelaunch.
Q: What is its likely pricing?
A: Ticket price would be Rs 4 crore upwards and would range between Rs 4 and Rs 6.5 crore. Per square foot price would be in the range of Rs 9,500-10,500.
Q: Isn't Rs 4-6 crore way above market rates?
A: I do not think it is above the market rate in that area when its a good project with all the specs, because we are loading it fully including wardrobes, kitchens, air conditioning as well as white goods. So a whole lot of things have been packaged into it. I don't think there is a product like that, but if I take off all the additionals, price will be less. It is only the size and the look, feel and the overall ambience that will be the differentiator.
Q: What about the rest of the launch pipeline for the fiscal?
A: In Chennai we have tied up Pallavaram. We have a big land there and the design stage is on, but the approval process is a little longer, so, in the next 6-9 months we have Pallavaram. Then we have something close to Old Mahabalipuram Road (OMR) which is a large part of land that we have tied up. Apart from this, we have also concentrated on cities like Hyderabad and Goa.
In Hyderabad, we have tied up with two very prominent properties, one is Kondapur and the other is in the financial district that is in Gachibowli. All these plans are getting done, but it is also question of how soon the plan approval comes in. In Bangalore, we are going to launch the product called Prestige Royal Gardens and that is a large project. It is 1,566 apartments. We did a soft launch earlier, but now we are going full-fledged and that will be another exciting project to watch for.
Q: What will be the pricing of the high-rise project with over 1,500 apartments?
A: The Prestige Royal Gardens will start at 4,000 plus. We have single bedroom apartments also in this project, so ticket price will be fairly decent. You can even start with a ticket price of around Rs 27 lakh.
Q: What exactly is on the anvil for Hyderabad?
A: The design process is almost finalised and if the approvals come, in the next six months we can launch both Kondapur as well as the financial district in six months, but they are two different locations, so the price points will be very different for two different products and even the product will be different.
One is premium product, the other is standard product. In our company, we have one product called standard, the other one called the premium then you have luxury and then super-luxury. So, these are four different bands that we go into.
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