- Says Prestige Group Chairman Irfan Razack, speaking to Real Estate Guru
Our project in Sector 150, Noida, has been stalled for a long time due to permission issues. Sports City is the problem behind this. As far as Aero City is concerned, it can be said that it is purely a capex project. Capex is required to build hospitality and shopping malls. Moreover, it does not take much to build residential houses. We have already built three malls. We will expand Forum Malls in Hyderabad, Bengaluru, and Chennai. Together, these three are developing about two million square feet. We have a better team of experts to build these. Moreover, we also work with contractors. Due to the demand for shopping malls, we have planned to build them in these three cities.
The new mall started in Kochi is getting a good response. We are developing KG Mall as a joint development in Delhi. We have completed a villa project called Prestige Ocean Towers in Goa. We are looking at places like Hyderabad, Chennai, Bengaluru, and Mumbai for new projects. As Goa is a tourist destination, we are developing villas there. We built the Marriott Residency there. We are managing it ourselves. In cities like Bengaluru, Hyderabad, and Chennai, there is a high demand for affordable and mid-segment houses. In Mumbai, houses worth Rs. 30 crore are more popular. We are constructing two big hotels in Delhi's Aerocity. These will be completed by 2025–26. It is the largest hotel in India.
The construction sector sometimes faces many problems. The focus should be on infrastructure development. Permissions should be granted expeditiously. Ease of trade should be promoted.
Credai achieved great success in bringing unity to the community of builders. It made developers understand the real estate market dynamics. RERA is building confidence among builders.