Even as debate intensifies around whether India's real estate market is nearing the top of its upcycle, Prestige Group Chairman and Managing Director Irfan Razack isn't convinced. “We've been in this business last 40 years… I have never seen any development that has not been sold out. But the most important thing is it's at what velocity,” Razack said. “And I think as of today the speed is still there, velocity is still there.”
That confidence comes even as several industry watchers flag signs of a slowdown after a multi-year run-up in housing demand. Backing his stance is Prestige's latest launch — Prestige Golden Grove in Hyderabad — which has clocked Rs 2,500 crore in sales in just two weeks, with over 4,000 customer footfalls and around 1,700 units sold so far.
“It's a very large development… but we have given a lot of importance to see that there is lot of space for the people who are living there,” Razack said, pointing to design-led demand as a key driver. The project, comprising over 5,000 units, is being developed in a single phase with a targeted completion timeline of about four years.
Razack also pushed back on comparisons with past cycles. “I think this time is a different cycle,” he said, citing consolidation in the sector. “The bigger brands and the well-known brands are doing better,” he added, noting that large, credible developers are increasingly capturing demand — a shift that is reshaping competitive dynamics.
Cost Pressures Linger, But Pricing Cautious
On rising input costs, Razack acknowledged emerging stress across commodities. “There will be shortages. There will be price increases… we don't know how much,” he said. However, he made it clear that developers can't blindly pass on these costs. “We have to be very very careful… we have to be measured,” he noted, given the long gestation period of projects.
Despite macro and geopolitical uncertainties, Prestige is sticking to an optimistic outlook. After closing FY26 with roughly Rs 30,000 crore in sales, the company is targeting at least 20% growth in FY27. “Every city has got potential… we are pretty positive,” Razack said, pointing to a strong pipeline across Mumbai, NCR, Bengaluru, Hyderabad and Chennai.
The company is also expanding its hospitality footprint, with plans to scale from 1,500 keys to over 5,000 by FY30. “There is a lot of work that is happening on the hospitality front,” Razack said, highlighting projects across major metros.
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