By Abhishek Shanker | Updated on Jun 12, 2026 at 01:41 PM
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Prestige Estates Projects Ltd., which counts BlackRock Inc. and Vanguard Group Inc. among its investors, is targeting about 600 billion rupees ($6.3 billion) in estimated sales value for this financial year as the developer prepares to launch projects across the country, its billionaire founder said.
The company has the required land and inventory in place but the timing of the launches will depend on regulatory approvals that he is optimistic should come through in due course, Chairman Irfan Razack told Bloomberg News in an interview. Prestige, among India’s top five developers by market value, is targeting a nearly 43% jump in sales value from 420 billion rupees in the previous fiscal year ended March.
India’s residential property market, driven by demand for luxury apartments since the pandemic, has begun to cool. Home sales in the nation’s top eight cities fell 4% over a year earlier in the quarter ended March, according to a report by Knight Frank. While new project launches eased, they have outpaced sales for 14 straight quarters, causing the inventory to swell, largely for units priced above 10 million rupees.
Razack, who has warned in the past that pockets of stress are building up in the country’s property market, said delays in approvals had caused the company to pause major launches in the quarter ending June.
The launch pipeline is spread across the country and will be driven by projects in Delhi and the national capital region, Mumbai, Bengaluru, Hyderabad and Chennai, he said. The recently launched Golden Grove project in Hyderabad, in which Prestige owns a 73% stake, carries an estimated sales value of about 90 billion rupees, Razack said.
The shares of the company jumped 4.7%, the most in more than two months, on Friday.
The company is nearing completion of a mixed-use development at Delhi Aerocity that includes the Marriott Marquis and St. Regis hotels, and an 8,000-seat convention and exhibition venue. It is also planning a 1.5 million-square-foot mixed-use project in Bengaluru Airport City.