Latest news with #PrestigeEstates
Daily Telegraph
16-06-2025
- Business
- Daily Telegraph
Man builds $30m White House on skyscraper, may never live in it
A mansion situated atop a skyscraper in the Indian city of Bengaluru has garnered attention for its distinctive design. Atop a skyscraper stands a replica of the White House, yet its future remains shrouded in mystery. It's owned by Indian businessman Vijay Mallya, and it's one of the most bizarre homes in the world. The businessman constructed the $30.8 million replica of the White House on the roof of a 33-storey apartment complex above the streets of Bengaluru, India. Vijay Mallya, once known as the 'King of Good Times', spared no expense in designing this sky-high palace. Inspired by the US President's famous home, he created his version, albeit much higher up and with better views. MORE: Insane amount celebs spend on Aussie homes The mansion spans roughly 3716 sqm, complete with a rooftop helipad, a swanky infinity pool, lush gardens, and luxury features that scream a billionaire lifestyle. The builder, Irfan Razack, chairman of Prestige Estates Projects, previously stated that the cantilevered design was a test, but his team completed it according to his client's vision. 'It was a challenge to construct the mansion on a huge cantilever at that height, but we have ensured we built it exactly the way it was conceived. It's a complex structure, and the finishing work is going on,' he said. 'We will finish the project as per contract and hand it over.' Construction of the 'White House in the Sky' began in the early 2010s, topping off the Kingfisher Towers, which is named after Mallya's now-defunct airline and beer brand. However, the White House replica project was never finished. In 2016, Mallya fled to the UK – while the mansion was under construction – dodging a mountain of legal trouble connected to the demise of his company, Kingfisher Airlines, in 2012. MORE: 'Gone, everything': Gibson on trashed pad Work on the mansion paused when Mallya left India, and no one has since stepped up to claim it or complete the job. Since Mallya's departure, work on the mansion has ceased, and no one has claimed responsibility for its completion. And despite losing an appeal in April 2025, which makes his return to India more probable, it remains unlikely that he will reside in his unfinished residence. It's become less of a house and more of a real estate myth. It's one of the most expensive 'what-ifs' in modern architecture. It continues to loom over Bengaluru, empty and untouched, awaiting an owner who may never return. MORE: 'It'll blow up': Meghan reveals wild new gig Despite its jaw-dropping grandeur and ambitious execution, the 'White Mansion in the Sky' is not the most costly or astonishing property in India. That title belongs to Antilia, a 27-storey house – a tower for one family – in Mumbai. Antilia is the home of the billionaire businessman Mukesh Ambani – the wealthiest person in Asia – and his family. It was built between 2006 and 2010 at a cost of around $A3.08 billion and is equipped with helipads, a staff of 600, and a 50-seat cinema. It is considered the most expensive residence in the world, according to the Guinness Book of World Records. Rarely have the interiors of Antilia been photographed and published, so the dwelling is essentially a mystery.
News.com.au
15-06-2025
- Business
- News.com.au
Man builds $30m White House on skyscraper, may never live in it
A mansion situated atop a skyscraper in the Indian city of Bengaluru has garnered attention for its distinctive design. Atop a skyscraper stands a replica of the White House, yet its future remains shrouded in mystery. It's owned by Indian businessman Vijay Mallya, and it's one of the most bizarre homes in the world. The businessman constructed the $30.8 million replica of the White House on the roof of a 33-storey apartment complex above the streets of Bengaluru, India. Vijay Mallya, once known as the 'King of Good Times', spared no expense in designing this sky-high palace. Inspired by the US President's famous home, he created his version, albeit much higher up and with better views. The mansion spans roughly 3716 sqm, complete with a rooftop helipad, a swanky infinity pool, lush gardens, and luxury features that scream a billionaire lifestyle. The builder, Irfan Razack, chairman of Prestige Estates Projects, previously stated that the cantilevered design was a test, but his team completed it according to his client's vision. 'It was a challenge to construct the mansion on a huge cantilever at that height, but we have ensured we built it exactly the way it was conceived. It's a complex structure, and the finishing work is going on,' he said. 'We will finish the project as per contract and hand it over.' Construction of the 'White House in the Sky' began in the early 2010s, topping off the Kingfisher Towers, which is named after Mallya's now-defunct airline and beer brand. However, the White House replica project was never finished. In 2016, Mallya fled to the UK - while the mansion was under construction - dodging a mountain of legal trouble connected to the demise of his company, Kingfisher Airlines, in 2012. Work on the mansion paused when Mallya left India, and no one has since stepped up to claim it or complete the job. Since Mallya's departure, work on the mansion has ceased, and no one has claimed responsibility for its completion. And despite losing an appeal in April 2025, which makes his return to India more probable, it remains unlikely that he will reside in his unfinished residence. It's become less of a house and more of a real estate myth. It's one of the most expensive 'what-ifs' in modern architecture. It continues to loom over Bengaluru, empty and untouched, awaiting an owner who may never return. Despite its jaw-dropping grandeur and ambitious execution, the 'White Mansion in the Sky' is not the most costly or astonishing property in India. That title belongs to Antilia, a 27-storey house – a tower for one family – in Mumbai. Antilia is the home of the billionaire businessman Mukesh Ambani – the wealthiest person in Asia – and his family. It was built between 2006 and 2010 at a cost of around $A3.08 billion and is equipped with helipads, a staff of 600, and a 50-seat cinema. It is considered the most expensive residence in the world, according to the Guinness Book of World Records. Rarely have the interiors of Antilia been photographed and published, so the dwelling is essentially a mystery.
Bloomberg
11-06-2025
- Business
- Bloomberg
Singapore-Backed Realty Company Bets on India Entertainment Boom
Prestige Estates Projects Ltd., which ranks among India's top five real estate developers by market value, is looking to sell more entertainment and dining spaces in malls while cutting back on apparel retailers, a top official said. 'Shopping can be done from anywhere once you know the brand, entertainment cannot be bought online,' Muhammed Ali, chief executive officer-retail of the Singapore government-backed firm said over phone.
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Business Standard
10-06-2025
- Business
- Business Standard
Prestige Group aims 59% growth in FY26 sales bookings at Rs 27,000 crore
Prestige Estates Projects Ltd has set a target to sell properties worth Rs 27,000 crore this fiscal year, an increase of 59 per cent from the previous year, as it remains bullish on housing demand. Bengaluru-based Prestige Estates Projects' sales bookings declined 19 per cent annually to Rs 17,023 crore in the 2024-25 fiscal year on delays in regulatory approvals to launch its projects. The company had given a sales bookings guidance of Rs 24,000 crore for the last fiscal year, but it missed the target by a huge margin. In a conference call with analysts, Prestige Estates Chairman Irfan Razack said the company has set a conservative pre-sales target of Rs 27,000 crore for the current fiscal year. "So the strategy is I would rather under-promise and over-deliver," Razack told analysts, as per the call transcript uploaded on the stock exchanges. "...see, now what has happened is we had kept a target of Rs 24,000 crore for FY25, which of course, we fell short of. But I think this first quarter itself will give us some Rs 12,000-13,000 crore. So I believe we should cross Rs 25,000 crore, maybe Rs 27,000 crore... But I think let's take Rs 27,000 crore and go along for the year," Razack said. He said the company has inventories of Rs 20,000 crore in its ongoing projects and has a strong launch pipeline of projects worth Rs 42,000 crore for the current fiscal year. Prestige Estates Executive Director Zyad Noaman explained that the fall in pre-sales number last fiscal year was "largely due to the deferred launches". "However, this was offset by strong pricing power, average realisation for residential apartments, villas and commercial products rose 36 per cent year-on-year to Rs 14,113 per square foot, while plotted development saw a 50 per cent year-on-year increase," said Noaman. Looking ahead, he said the company has entered FY26 with renewed momentum. "Q1 has already seen a strong start with the launch of The Prestige City Indirapuram, a marquee township development in NCR with a GDV (gross development value) of Rs 9,000 crore, of which we have already sold over Rs 6,500 crore," Noaman said. According to its investors presentation, Prestige Estates will launch multiple housing projects across major cities this fiscal year with an estimated revenue of more than Rs 42,000 crore, as it looks to expand business to capitalise on strong consumer demand. The company plans to launch as many as 25 residential projects this financial year having 44.8 million sq ft of developable area with an estimated GDV of Rs 42,120 crore. These projects are lined up in Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Goa. During the 2024-25 financial year, the company launched lesser projects due to delays in regulatory approvals. Prestige Estates launched 26.28 million sq ft during the last fiscal year, primarily with a combined Gross Development Value of Rs 26,222.8 crore. On the financial performance front, Prestige Estates net profit fell sharply to Rs 467.5 crore in the previous fiscal year from Rs 1,374.1 crore in the preceding year. Total income, too, declined to Rs 7,735.5 crore in the last fiscal year from Rs 9,425.3 crore in the 2023-24 fiscal year. Prestige Group has developed more than 300 projects so far and is constructing a large number of properties across major states.
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Business Standard
09-06-2025
- Business
- Business Standard
Builders from other regions tap into Mumbai's redevelopment market
Mumbai's policy-level incentives for redevelopment and less capital-intensive nature of the business amid a lack of open land parcels, are attracting developers Mumbai Listen to This Article Developers based outside Mumbai are making a beeline for India's largest real estate market through redevelopment projects. These include Delhi-based DLF, Bengaluru-based Prestige Estates and Puravankara, Pune-based Kolte-Patil Developers and Vascon Engineers, and Hyderabad-based Ramky Estates. Mumbai's policy-level incentives for redevelopment and less capital-intensive nature of the business amid a lack of open land parcels, are attracting developers. They are using asset-light strategies to get better realisation from high property rates. 'For developers based outside the Mumbai Metropolitan Region (MMR), redevelopment offers an effective route to enter the market, given the limited availability of greenfield land. Additional attractive factors include
