Prestige was also the first real estate company to comply with Securities and Exchange Board of India (Sebi's) minimum public float norm. The promoters pared their stake from 80 percent to 75 percent in January via an institutional placement programme or IPP, an issue that was subscribed 2.75 times.
CMD Irfan Razack spoke about the company's future plans on CNBC-TV18's show Prime Property.
Also read: Prestige Estates spikes 5% on CLSA buy report
Here is the edited transcript of his interview with CNBC-TV18:
Q: Prestige Estates is a company that in the first nine months of FY13 surpassed all the guidance it had offered for the full fiscal be it for sales, launches, etc. For the new financial year what is your new guidance for launches?
A: This year we had given a guidance of about 8 million square feet and we have exceeded that and we have almost touched or maybe crossed 10 million square feet of launches. Going ahead in the following financial year we should exceed the 10 million square feet launch and it looks to be pretty exciting.
There is a lot in the pipeline and lot of projects that we have been working on over the last couple of years we see them fructifying in a month or so. So, there is going to be a very strong launch calendar and it is going to exceed the 10 million square feet what we did this year.
Q: Does this launch pipeline include Prestige foraying into new cities? Will Prestige get out of its comfort zone of Bangalore and South India?
A: We are established well in Bangalore and now we are increasing our footprint in Chennai. We are present in Kochi and we have tied up several new developments in Kochi. We are in Hyderabad and we have tied up for few properties in Hyderabad also. Apart from that we are looking at smaller cities like Coimbatore, Goa and Mangalore. Mangalore we are even building a mall currently in a small residential development. There is potential in these cities but not as big as what we have in Bangalore. However, all these little bits do add up to a large total so there is quite a bit happening but we are pretty much in the South at the moment.
Q: Can you give us details of these projects that will be launched, what kind of prices for example can we expect?
A: For obvious reasons I will not be able to give you the names and the locations of my coming launches. However, the ticket size can vary from Rs 30-35 lakh going up to Rs 2.5-3 crore. There is going to be a mixed bag, there is going to be something for everybody and there is pretty exciting launch pipeline that we have lined up. It is only a matter of couple of months that we will be coming in with quite a number of things.
Q: You mentioned all these new cities that Prestige will be entering so are you buying land or is it via joint venture with land owners or even local developers?
A: It is a mixed bag. It could be a joint venture with the land owner or it could be a purchase. It depends on the location of the property, depends on what opportunity it presents itself and what type of terms it comes. We have identified a few things and we have to see how it pans out.
Q: When I asked you about upcoming launches you mainly spoke about residential projects. So is that the segment of real estate Prestige will be focusing on? Also this mixed bag of launches you speak of, of Rs 35 lakh to Rs 1.2 crore should I then assume that Prestige is not focusing on luxury or super luxury projects?
A: Basically residential is where you get your revenues, residential is where you get your turnover and our focus will be primarily residential, not to say that we lose focus on the other categories but residential will be our baseline. In residential itself, I believe the business that will happen and will continue to happen is in the mid-income residential housing and mid-to-premium so we will stick to that. We will definitely be doing some premium, super premium and luxury but luxury and super premium doesn't have a very large market, it has a niche market.
There are certain breed of buyers who want to buy for themselves they are not looking at growth on capital so they buy there. However, the mid-income is where the actual home users come in. Commercial is also our strength, IT is our strength so commercial and IT development will happen and we will be balancing and looking at how the demand versus supply is and then it will continue. We are getting strong in the shopping mall area. We are going to complete three malls in the current calendar year and another three are on production and two planning.
Q: I want to get back to the guidance that you had offered for FY13 you for example surpassed the sales guidance in the first nine months of the full fiscal. Looking back do you think you gave a conservative guidance?
A: I don't think there was any conservatism, we were realistic because the previous year we had done Rs 2100 crore of sales so what we did was we looked at what has happening on the ground and we said this current year an achievable target will be Rs 2500 crore. If we have exceeded that, that goes to commend the team that has worked to see that we got our approvals and the launches that we did were successful.
The market itself shows that whenever a premium development in a good location from brand like ours is launched there is enough acceptability and people are ready to commit themselves and buy.
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