Prestige Estates Projects Limited , a leading real estate developer, held its 28th Annual General Meeting (AGM) on September 10, 2025, where shareholders overwhelmingly approved all 12 proposed resolutions. The meeting, which took place at the company's Prestige Falcon Tower in Bengaluru, saw strong participation from shareholders, with 94 attendees present either in person or through proxy.

Key Approvals

Among the significant resolutions passed were:

1. Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2025
2. Declaration of a final dividend of Rs 1.80 per equity share for the Financial Year 2024-2025
3. Re-appointment of Mr. Irfan Razack as Director
4. Approval for issuing Non-Convertible Debentures on a private placement basis
5. Revision in remuneration of Ms. Uzma Irfan as Director

Financial Decisions and Corporate Governance

The shareholders' approval of the financial statements and dividend declaration demonstrates confidence in the company's financial performance and management. The Rs 1.80 per share dividend signals Prestige Estates Projects' commitment to returning value to its shareholders.

Board Appointments and Remuneration

The re-appointment of Mr. Irfan Razack as Director received strong support, with 97.60% of votes cast in favor. This indicates shareholders' continued trust in the current leadership.

Shareholders also approved revisions to the remuneration of Ms. Uzma Irfan, with 86.47% voting in favor. This decision reflects the company's approach to executive compensation and retention of key personnel.

Related Party Transactions

The AGM saw the approval of remuneration for related parties Mr. Zayd Noaman and Mr. Faiz Rezwan, who hold office or place of profit within the company. Both resolutions passed with approximately 60.48% of votes in favor.

Additionally, material related party transactions with subsidiaries Prestige Projects Private Limited and Prestige Falcon Mumbai Realty Private Limited were approved, receiving 84.44% and 94.64% of votes in favor, respectively.

Shareholder Participation

The meeting had a total of 167,120 shareholders on the cut-off date of September 3, 2025. The high approval rates across all resolutions, with most achieving over 90% support, indicate strong shareholder alignment with the company's strategic decisions and governance practices.

Conclusion

The successful passage of all 12 resolutions at Prestige Estates Projects' 28th AGM reflects robust shareholder engagement and confidence in the company's direction. The approvals cover a wide range of corporate actions, from financial matters to governance structures, positioning the company for continued growth in the real estate sector.

Prestige Estates Projects , through its retail arm Forum Malls, has announced an ambitious expansion plan that will nearly double its current portfolio of shopping centers across India's major metropolitan areas by 2029.

Expansion Strategy

CEO Muhammad Ali revealed that the company plans to open 14 new shopping centers in Delhi, Mumbai, Bengaluru, Chennai, and Hyderabad over the next six years. This strategic move will significantly increase Forum Malls' presence from its current 11 malls to a total of 25 shopping destinations.

Focus on Tier-I Markets

Ali emphasized the company's focus on tier-I markets, stating, "We are concentrating on areas where consumers have both the means and the appetite to spend. Unlike tier-II cities, these metropolitan areas match our target demographic's propensity to spend."

Innovative Concept: Athleisure-Focused Mall

One of the highlights of Forum Malls' expansion plan is India's first athleisure-focused mall, set to open near Bengaluru's international airport by 2027. This unique 800,000 sq ft shopping center will feature:

• Global sportswear labels
• Fitness gear retailers
• Yoga studios
• Lifestyle brands

This innovative concept aims to capitalize on the growing athleisure trend and create a destination for health and fitness enthusiasts.

Festive Season Expectations

Forum Malls is optimistic about the upcoming festive season, which traditionally generates 30%-40% of its annual sales during the October-December period. The company anticipates:

• A 15% increase in footfall for October
• A corresponding 15% rise in revenue

To support these expectations, Forum Malls allocates 30%-40% of its annual marketing budget to the festive season, with planning beginning as early as January.

Industry Impact

This expansion plan by Forum Malls signals strong confidence in the Indian retail market's growth potential, particularly in tier-I cities. The move is likely to create new opportunities for brands and potentially reshape the competitive landscape in the premium shopping center segment.

As the retail arm of Prestige Estates Projects, Forum Malls' expansion aligns with the parent company's growth strategy. The ambitious plan to double its portfolio by 2029 positions Forum Malls as a significant player in India's evolving retail landscape, with a clear focus on premium, experience-driven shopping destinations in key metropolitan areas.