Prestige Estates Projects Ltd., a top-five Indian developer by market value and backed by BlackRock Inc. and Vanguard Group Inc., plans about ₹60,000 crore ($6.3 billion) in estimated sales value from project launches this financial year, according to Chairman Irfan Razack in an interview with Bloomberg. The target represents a nearly 43% jump from ₹42,000 crore in the previous fiscal year ended March 2026.
Market Context and Headwinds
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% year-over-year in the quarter ended March 2026, according to a report by Knight Frank. While new project launches have eased, they have outpaced sales for 14 consecutive quarters, causing inventory to swell, largely for units priced above ₹1 crore. Razack, who has previously warned of pockets of stress in the property market, noted that delays in approvals caused the company to pause major launches in the quarter ending June.
Launch Pipeline and Geographic Spread
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, Razack said. The company has the required land and inventory in place, but timing of launches depends on regulatory approvals, which he is optimistic should come through in due course.
| Metric | FY2026 (₹ crore) | FY2027 Target (₹ crore) | Change |
|---|---|---|---|
| Estimated sales value from launches | 42,000 | 60,000 | +42.9% |
| Golden Grove project (Hyderabad) stake: 73% | – | ~9,000 (at launch) | – |
Key Projects Underway
Razack highlighted several marquee projects:
- Golden Grove, Hyderabad: Recently launched, Prestige owns a 73% stake; estimated sales value of about ₹9,000 crore.
- Delhi Aerocity mixed-use development: Nearing completion, includes the Marriott Marquis and St. Regis hotels, plus an 8,000-seat convention and exhibition venue.
- Bengaluru Airport City: Planning a 1.5 million-square-foot mixed-use project.
Investor Profile
BlackRock Inc. and Vanguard Group Inc. are among Prestige Estates' investors, according to Bloomberg.
Outlook
Razack expressed optimism about regulatory approvals and the company's ability to execute the ambitious launch schedule. The company's next milestone will be the timing of project launches in the coming quarters, contingent on clearances.
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