Prestige Group , in partnership with Bengaluru Airport City Limited (BACL), announced a landmark integrated destination within Bengaluru Airport City on June 11, 2026. The development combines business, hospitality, culture, and experiences in a single ecosystem, anchored by a state-of-the-art convention centre. This project marks a significant step in the evolution of the airport city into a vibrant urban destination, designed to serve global travellers, event organisers, and corporations.

The development includes an iconic convention and exhibition centre, luxury hotels under the St. Regis and Marriott Marquis brands, premium office space, and curated food and beverage experiences. By integrating these elements, the project aims to strengthen Bengaluru's position as a global gateway and advance the vision of the Airport City as a dynamic centre for commerce and collaboration.

Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, stated that the development reflects the vision of creating destination-defining assets. He emphasized that integrating hospitality, business, culture, and lifestyle experiences within a single ecosystem will set new benchmarks for mixed-use development in India. He expressed pride in partnering with BACL to shape a globally competitive urban precinct.

Mr. Hari Marar, Managing Director & CEO of Bangalore International Airport Limited (BIAL), highlighted that the next phase of urban growth depends on creating destinations that bring together enterprise, talent, and ideas at scale. He noted that developments like this play a crucial role in shaping the ecosystems around airport cities, extending the airport experience beyond aviation to serve businesses and communities.

The Convention Centre is expected to become one of the region's premier venues for international conferences, exhibitions, and cultural gatherings. The broader development aims to create a vibrant destination that blends commerce, hospitality, entertainment, and culture, further catalysing economic growth and employment opportunities in the airport corridor.

Key Project Components

About the Partners

Prestige Group is a diversified real estate developer with a legacy spanning nearly four decades. As of March 2026, the Group has delivered 316 projects spanning 212 million sqft and has a pipeline of 135 projects across 227 million sqft.

Bengaluru Airport City Limited (BACL) is a wholly owned subsidiary of Bangalore International Airport Limited (BIAL). BACL is developing the Airport City as a mixed-use destination comprising business parks, technology hubs, a medical district, and hospitality facilities, aiming to establish it as a leading development in India.

Morgan Stanley has maintained its Overweight rating on prestige estates projects , assigning a target price of ₹1,920. The global brokerage acknowledges a set of near-term concerns but characterises them as manageable, underpinned by a compelling long-term growth trajectory in the company's investment property (IP) portfolio.

Key Concerns Considered Manageable

Morgan Stanley's assessment identifies several risk factors that informed its continued positive stance. Despite these headwinds, the brokerage views them as unlikely to materially derail the company's growth path. The concerns highlighted include:

• Higher leverage: Net debt/equity ratio stands at 65%
• Pending IP capex: ₹72 billion in capital expenditure due over the next 3–4 years
• NRI/Middle East demand exposure: Limited exposure to this demand segment
• Macro slowdown impact: Assessed as minimal on the company's overall business

IP NOI Growth Outlook

A central pillar of Morgan Stanley's Overweight thesis is the strong growth potential in IP Net Operating Income (NOI). The brokerage projects a significant scale-up over the coming years, as detailed below:

The projected growth in IP NOI from ₹9 billion in FY26 to ₹45 billion by FY30 represents a substantial expansion in the company's income-generating asset base, which Morgan Stanley views as a key long-term value driver.

Rating Maintained Amid Balanced Risk Assessment

Morgan Stanley's decision to maintain the Overweight rating reflects a balanced assessment of near-term leverage concerns against the longer-term income potential of Prestige Estates Projects' investment property segment. The brokerage's stance suggests that the anticipated NOI ramp-up is expected to more than offset the capital deployment and leverage risks identified in its analysis.