Bengaluru-based real estate juggernaut, Prestige Group, is poised to redefine the landscape of retail with its ambitious plans to develop 9 million square feet of malls within the next three years. Muhammad Ali, CEO of Retail, unveiled the company’s visionary expansion strategy, shedding light on their upcoming ventures in Mumbai, Delhi-NCR, and beyond.
The pulse of Prestige Group’s mall expansion beats strongest in the bustling metropolises of Mumbai and Delhi-NCR, where the company is poised to leave an indelible mark on the retail landscape. With a deal on the cusp of realization in Delhi-NCR, the anticipation is palpable as Prestige Group prepares to unveil its latest masterpiece.
Reflecting on their remarkable achievements in 2021, Ali shared insights into the company’s staggering success, having sold 4.4 million square feet of retail space across seven premier shopping malls, totaling an estimated value of Rs 9,000 crore. With a formidable 15 percent stake in these retail havens, Prestige Group stands as a formidable force in the realm of commercial real estate.
The strategic move in June 2023 to divest two-thirds of its retail business to Blackstone-backed Nexus Malls marked a pivotal moment in Prestige Group’s trajectory, signaling a shift towards greater focus and dynamism in their retail endeavors.
Looking ahead, Prestige Group’s vision extends far beyond the horizon, with upcoming developments set to reshape the retail landscape across India. With six malls slated for Bengaluru, two for Kochi, and one each for Chennai and Hyderabad, the canvas of possibilities unfolds with endless potential.
Each development represents more than just bricks and mortar; it embodies Prestige Group’s unwavering commitment to innovation, excellence, and the creation of vibrant spaces that resonate with the pulse of modern retail. As the journey unfolds, Prestige Group stands at the vanguard of a new era in retail, where every square foot tells a story of ambition, vision, and boundless opportunity.