2 weeks Ago By Pravrajya Suruchi
Irfan Razack, the chairman and managing director of Prestige Estates Projects, has a remarkable success story that inspires many. As one of India's wealthiest individuals, Razack's journey illustrates the essence of perseverance and entrepreneurial spirit. Born into a business family, Razack's roots trace back to his father, Razack Sattar, who established the Prestige Group in Bengaluru in 1950 with a modest fabric and tailoring shop.
This foundation laid the groundwork for what would later evolve into a major player in the Indian real estate market. Under Irfan Razack’s leadership, Prestige Estates Projects has grown significantly, transforming into a well-known name in real estate. The company has successfully completed 285 projects and currently has 54 ongoing projects across various sectors, including residential, commercial, retail, and hospitality.
This expansion showcases Razack’s vision for the company and his ability to adapt to changing market demands. A significant highlight in Razack’s career came when his and his family's net worth surged past $1 billion, driven by a 60% increase in the shares of Prestige Estates Projects. Today, the company stands as India's largest publicly traded property firm, second only to DLF.
Prestige Estates Projects has attracted numerous high-profile clients, including global brands such as Apple, Caterpillar, Armani, and Louis Vuitton, further solidifying its reputation in the industry. Interestingly, despite contemplating retirement after selling his second real estate project in Bengaluru in 1990, Razack's passion for business led him to transform Prestige Estates Projects into a real estate powerhouse. The company has extended its reach beyond Bengaluru to other cities like Chennai, Kochi, Calicut, Hyderabad, and Mumbai, focusing on middle-class buyers to drive annual sales growth.
Irfan Razack’s younger brothers, Rezwan and Noaman, play significant roles in the company’s ongoing success, showcasing a family-oriented business approach. Remarkably, the original fabric and tailoring shop remains operational alongside the flourishing real estate ventures. As of 2024, Irfan Razack's net worth is an impressive $1.
3 billion (approximately ₹108.68 billion), making him one of India’s most influential entrepreneurs. In the fiscal year 2023, Prestige Estates Projects reported sales of ₹12,930 crore.
His accomplishments have earned him a spot on Forbes’ list of 'World's Billionaires' for 2024, further highlighting his impact on the business landscape in India..
