(Bloomberg) -- Prestige Estates Projects Ltd. is targeting new projects, including three residential ones in financial hub Mumbai, in the current fiscal year as demand for homes in India revives, the company’s chief executive officer said.
The property developer based in Bengaluru is planning new projects, including residential and commercial, of as much as 15 million square feet in the current fiscal year, with the three projects in Mumbai to be unveiled in the quarter starting Oct. 1, CEO Venkat K. Narayana said in an interview on Bloomberg TV Tuesday. He reiterated the aim to get more than 60 billion rupees ($815 million) from home bookings in the year ending March 2022.
“The need for owning a home during this pandemic has increased and people are also upgrading their existing homes as lot of them are working from home,” Narayana said. “Given all this there is a lot of traction for residential segment and top credible players who are well governed and delivering projects on time are getting a lot of demand.”
These factors including low home loan interest rates is spurring bookings. The company is also looking at entering new geographies including India’s capital New Delhi and its suburbs, he said.
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