Prestige Group building 5 more Forum Malls in four cities.

Prestige Estates Projects Ltd., Bengaluru-based property developer, is to build the largest Forum Mall in Bengaluru.

Speaking after launching three property developments under their residential and commercial verticals, Irfan Razack – CMD, Prestige Group, said: “With Prestige Falcon City, we are gearing up to present the largest Forum Mall in Bengaluru.”

Besides Prestige Falcon City, an integrated township on Kanakapura Road, the company launched Prestige Technostar – a commercial development at Whitefield; and Prestige Gulmohar – a high-rise residential development at Horamavu on Saturday.

“Currently, the company has nine operational malls across Bengaluru, Chennai, Hyderabad, Mangaluru, Mysuru and Udaipur, with over 5 million sq ft of gross leasable area and close to 2,000 stores. Five more Forum malls are under construction across Bengaluru, Chennai, Kochi and Kakkanad, covering approximately 8.1 million sq ft of retail space. By 2023, we aim to have more than 25 malls, covering over 14 million sq ft and around 5,000 stores,” said Razack.

Talking about the industry, Razack said: “The real estate sector in India, as per industry reports, is expected to reach a market size of $1 trillion by 2030. With the Securities and Exchange Board of India giving its approval for the Real Estate Investment Trust (REIT) platform, the investment opportunities for this preferred asset class are bigger than ever.”

HBL