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Prestige Group plans to open two big hotel projects, built at a cost of ₹1,000 crore — Sheraton Grand Whitefield Hotel and the Conrad Hotel, at Ulsoor here.
Irfan Razack, CMD, Prestige Group, said: “The two hotels should be ready by April. Conrad Hotel is located right in the heart of Bengaluru’s CDB area, while Sheraton Grand is in Whitefield. Our convention centre at Prestige Shantiniketan is also ready.”
The group is also planning to build a hotel on a piece of land in Pune, which the company has set aside for developing an IT Park. “We have also set aside properties for office buildings and IT parks in Ahmedabad and Kochi.”
By early to mid 2017, the group is also planning to open the doors of two malls — one in Mysuru and the other at Prestige Shantiniketan, Bengaluru. Both the malls are to be opened early to mid 2017.
Talking about the industry, Razack said: “With uncertainty over the new laws getting settled, and with team getting acclimatised to the new regulations, we are looking forward to much bigger and better launches in Chennai and Bengaluru and Goa.”
This has been quite an exciting year for the Prestige Group, said Razack, and added: “This year, we managed to deliver about 17 million square feet of total built area.”
During the year, the group completed 14 projects and launched three — two in Bengaluru, and one in Hyderabad,.
The group has completed a couple of million square feet of IT office sapces this year. Since the supply has dried up for office spaces, there are no further vacancies. “The completed new buildings are getting occupied instantly because there is limited supply available in the market currently,” Razack said. With the industry already grappling with new guidelines, November witnessed one of the most disruptive moves made by the Central government — demonetisation of the large-denomination currency notes.
“Though we fully endorse the move, its sudden announcement initially created baseless rumours and panic among customers. This made them wary about investing in homes for some time.
“Fortunately, with things settling down, we are once again witnessing activity in the market, though it is yet to reach its full momentum.”
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