Commercial - Prestige Group Upcoming Projects

The Q1 FY27 investor report gives the developable area, Prestige interest, Prestige share and planned launch year for all 12 projects.

Prestige notes that these projects are still under planning. The areas can change based on final design and approvals.

Bengaluru has five upcoming Prestige commercial projects with a total developable area of 6.53 million sq. ft. Prestige's share in these projects is 5.95 million sq. ft. This is the largest city-wise share in the upcoming commercial list.

Prestige Lake Shore Drive Phase II is the biggest Bengaluru project in the pipeline. It has 4.84 million sq. ft. of developable area, with a 95% Prestige interest and 4.60 million sq. ft. Prestige share. It is planned for FY27.

The other four Bengaluru projects are planned for FY28. They are Prestige Tech Park 5, Commercial - Kensington Road, Prestige Turning Point and Prestige Holland. Together, they add another 1.68 million sq. ft. to the Bengaluru commercial pipeline.

Mumbai has three upcoming commercial projects covering 5.66 million sq. ft. Prestige's share across these projects is 3.10 million sq. ft.

Prestige Chambers 51, earlier referred to as Prestige Business Bay in the presentation, is the largest of the three. It has 2.72 million sq. ft. of developable area, with a 60% economic interest and a 1.63 million sq. ft. Prestige share. It is planned for FY27.

Prestige Quantum has 1.63 million sq. ft. and is also planned for FY27. The Prestige Place - Commercial has 1.31 million sq. ft. and is planned for FY28.

Prestige One West, also identified as WS Industries in the report, is the upcoming Chennai commercial project. It has a developable area of 1.25 million sq. ft. Prestige holds a 64% economic interest, giving it a share of about 0.80 million sq. ft. The project is planned for FY27.

The investor report lists only this one upcoming Chennai commercial project in the current pipeline.

Prestige has two upcoming commercial projects in Kochi. Together, they cover 1.09 million sq. ft., with a Prestige share of 0.91 million sq. ft. Both are planned for FY27.

Prestige Cyber Green Phase II has 0.63 million sq. ft. and a 100% Prestige interest. Prestige Vantage Point has 0.46 million sq. ft., with a 60% interest and 0.28 million sq. ft. Prestige share.

Shipco is a 2.04 million sq. ft. upcoming warehousing project in Kolar. Prestige has a 70% economic interest, which gives it a share of 1.43 million sq. ft. The project is planned for FY27.

Shipco is different from the office-led projects in Bengaluru, Mumbai, Chennai and Kochi because Prestige lists it specifically as a warehousing project.

Out of the 12 upcoming projects, seven are listed for FY27:

• Prestige Lake Shore Drive Phase II
• Shipco - Warehousing
• Prestige Cyber Green Phase II
• Prestige Vantage Point
• Prestige One West
• Prestige Quantum
• Prestige Chambers 51

The remaining five projects are planned for FY28: Prestige Tech Park 5, Commercial - Kensington Road, Prestige Turning Point, Prestige Holland and The Prestige Place - Commercial.

This shows that a large part of Prestige's next commercial pipeline is planned for the near term.

The upcoming projects form part of a much larger commercial business. Prestige reports 129 completed commercial projects covering 57 million sq. ft. It also has 10 ongoing projects covering 18 million sq. ft. Another 12 projects covering 17 million sq. ft. are in the upcoming pipeline.

So, the commercial portfolio has three clear stages: completed assets, projects under construction and new projects waiting for launch.

Prestige also expects its commercial rental income to grow as new assets become ready. The company projects commercial annuity income of ₹8,652 million in FY27. This is expected to rise to ₹23,320 million in FY28 and ₹36,243 million in FY29.

The projection reaches ₹40,320 million in FY30 and ₹44,360 million in FY31. Prestige gives a 39% CAGR for this growth path.

The income forecast shows why the upcoming commercial pipeline is important to the wider Prestige business.

Prestige also gives the amount still required for its commercial developments. For upcoming commercial projects, the Prestige share of the balance cost to complete is ₹52,424 million, or about ₹5,242.4 crore.

For ongoing commercial projects, the Prestige share of the balance to spend is ₹63,828 million. The combined balance for ongoing and upcoming commercial assets is ₹116,252 million, or about ₹11,625.2 crore.

These figures show that Prestige has a large amount of commercial development still to be completed over the next few years.

The Falcon City Reserve is not listed as a commercial project in this pipeline. It appears separately under Prestige's upcoming residential projects in Bengaluru. The report gives it 4.38 million sq. ft. of developable area and plans it for FY27.

This difference is important. The Falcon City Reserve is part of the residential pipeline, while the 12 projects listed above form the company's separate commercial pipeline. They should not be mixed when describing the project or its development plan.

Prestige Group has 12 upcoming commercial projects covering about 17 million sq. ft. Bengaluru has the largest share, with five projects covering 6.53 million sq. ft. Mumbai follows with three projects covering 5.66 million sq. ft.

The biggest planned project is Prestige Lake Shore Drive Phase II at 4.84 million sq. ft. Other major projects include Prestige Chambers 51 at 2.72 million sq. ft., Shipco at 2.04 million sq. ft. and Prestige Quantum at 1.63 million sq. ft. Seven of the 12 projects are planned for FY27, while five are listed for FY28.