Tariq Ahmed, CEO (West) of Prestige Estates, said he conducts temperature checks on their customers, which showcases a positive momentum. “Homebuyers, from those willing to take a ₹1 crore apartment to those willing to take a ₹100 crore apartment, are willing to take long-term home loans over five years, which suggests a high level of confidence,” Ahmed told HT Real Estate.
Bengaluru-based Prestige Estates was in the news recently for emerging as the leading listed player, reporting pre-sales of ₹18,143.7 crore in the first half of the ongoing financial year (FY26) between April and September. India’s 28 major listed real estate companies sold properties worth nearly ₹92,500 crore during the same period.
DLF Ltd, the country’s largest realty firm in terms of market capitalisation, stood in second position, with pre-sales of ₹15,757 crore. Mumbai-based Godrej Properties clocked sales bookings of ₹15,587 crore, while Lodha Developers sold properties worth ₹9,020 crore during the April-September period of FY26.
The geopolitical environment continues to change
According to Ahmed, there is a positive momentum overall in the country.
“You look obviously outside of the geopolitical environment that continues to change. I think India remains reasonably buoyant; the markets have gotten a little skittish here and there. However, I believe wealth creation in a broad sense is robust. The economy is stable, and the political environment within India is stable. So, you know, obviously, putting aside anything massive geopolitically, I think, we are in a good place, and we see these positive winds continue for a few more years for sure,” Ahmed said.
Has the real estate market cycle peaked?
According to Ahmed, he is an eternal optimist on the market. “I take a temperature check from our customers. There’s positive momentum. People are committing. So, let me put it in a different way from a non-metrics qualitative standpoint. When we meet our high-end luxury customers, there are people willing to commit over five years, paying up to ₹100 crores for an apartment comfortably,” said Ahmed.
Ahmed said that at the same time, people in the ₹1 crore to ₹5 crore bracket are also willing to take out long-term loans to service their homes, which suggests to me that there is a lot of positivity in terms of their ability to service long-term liabilities.
“So, I think that suggests a very good green shoot type environment where people are positive. I think we are in a good place in the market,” Ahmed said.
Future geography plans for West India
The company has expansion plans that will occur both geographically and from a product standpoint, Ahmed said.
“If I look at geography first, within the Mumbai region, we are obviously present in the eastern suburbs, just about starting with Mira Road on the west. We will fill that out. And I think on the west, the typical micro markets where development is occurring are obviously Andheri, Goregaon, and Borivali. Those are areas we are looking at on the east, Thane and beyond. So, I think geographically, that is certainly the push that is happening from our end to widen our reach in the city,” Ahmed said.
Plans for a data centre in Maharashtra
According to Ahmed, the company will explore opportunities for data centres in Maharashtra and is also looking at hospitality development in Lonavala, which is a hill station near Mumbai and Pune.
“Looking beyond the city, one of the activities that we need to and will act on with the government is the allotment that’s done on paper in terms of a large tie-up for a data centre, and other development in Navi Mumbai with the government of Maharashtra. We are looking at a large sort of mixed-use slash hospitality development on or around the Lonavala area. We are identifying some land there,” Ahmed said.
“We would look to definitely expand into Pune. We have been actively scouting for opportunities in that area. It is a market that is very, you know, relevant and, you know, similar to our home market of Bengaluru and Hyderabad,” he said.
Lonavala plans
According to Ahmed, the company plans to develop a mixed-use project in Lonavala.
“So it is more when I say mixed use, I think it is much more towards, I would say, villas, sort of when I say the word entertainment, it’s probably around, possibly something oriented towards golf or a sport. So, I think it is in that direction, or it will be plotted in villas or mostly villas. So, something as a second home possibility for people, maybe a big banqueting and hotel destination because of the proximity to the airport,” Ahmed said.
Expansion plans beyond Mumbai and Pune in Maharashtra?
The company aims to establish and stabilise its presence in Mumbai and then expand to Pune for now.
“I think we’re about to fully establish and stabilise Mumbai, and get into Pune. Obviously, the cities beyond that do make sense. They are attractive micro markets, which other developers and we will look at. But honest answer, we have not sort of looked beyond these two cities yet.”