“I would not necessarily describe it as an asset play; rather, it is a channel for us to access a different pool of capital. Our commercial portfolio rentals could reach nearly ₹4,000 crore. Once we achieve a critical scale, or about 80 per cent of the portfolio is already operational and a significant portion is leased out, maybe at that stage, we can certainly evaluate options such as a Reit, or monetisation of the assets we continue to hold,” said Zayd Noaman, executive director to CMD office, Prestige group.

As of December 2025, exit rentals from commercial segment were at ₹525 crore on an annualised basis. In India, Reits comprise only office assets. India’s office market is among a handful globally that is clocking record building and occupancy numbers, with more room for upside, opening up the opportunity for instruments like Reits.

Prestige’s business spans residential, office, retail and hospitality segments, with 126 million square feet (mn sq ft) across 65 projects under development and 69 mn sq ft across 63 projects coming up. Residential makes up the bulk of the ongoing and planned development.

Within that segment, which is its largest contributor to revenues, the group plans to expand into Pune, Goa and Kochi, even as it expects growth to be concentrated in five to seven core markets, including Delhi-NCR, Mumbai, Bengaluru, Hyderabad and Chennai.

The developer is also expanding its retail footprint, with multiple projects in the pipeline over the next four years. It currently operates about four malls, with around 13 more in the pipeline across Mumbai, NCR, Hyderabad, Chennai, Bengaluru and Goa.

Despite rising land prices emerging as the biggest pressure point, Prestige plans to stick to its annual land investments of about ₹5,000 crore, funded through a mix of internal accruals and debt. Prestige group reported its highest-ever annual pre-sales of ₹30,024 crore in FY26, up 76 per cent year-on-year. “Land is the main input cost for us, and in several markets supply is limited. That has led to consistent pressure on land pricing over the past two to three years,” Noaman said in an interaction.

The senior executive also called for greater uniformity in the implementation of the Real Estate (Regulation and Development) Act (RERA) across states. “Some level of streamlining in how RERA is implemented across states would help bring consistency for developers operating in multiple markets,” he noted.

Execution, however, remains the biggest challenge for the sector, Noaman said.