Commercial real estate here to stay but hotels to see pick-up last: Prestige Estates

Irfan Razack, CMD, Prestige Estates Projects Ltd, on Thursday, said that he is seeing good demand on the ground. He believes commercial real estate is here to stay. According to him, Covid was a temporary blip for the commercial real estate market. Razack mentioned that the company will continue to build more commercial assets. He highlighted that the company is currently doing two large office developments in Mumbai.

He said, “Commercial real estate is here to stay. A lot of businesses are going to come to the country and a lot of companies will definitely need space, but it was a temporary blip when people were not working from offices, but now there will be a lot more demand.”

On hotels, he explained that it will be the last asset that will see a pick-up in growth. “Since all the restrictions are removed, we are hopeful that travel will begin, not only national but also international travel, a lot of conferencing and meetings will start and also celebrations. So this will boost up the hospitality business. It’s the asset class that has suffered the most but I am sure it will come back with a bang,” said Razack.