Indian real estate developer, Prestige Group, is entering the retail space in the next three months by floating a special purpose vehicle, which will set up department stores across the country, said its chairman and managing director Irfan Razack.

"We will invest around INR300 crore (INR3 billion, USD58.8 million) and the target would be mid-income group," he said after launching Prestige Bella Vista, its first residential project for the Chennai market.

"It is (retail) a cash cow business. If you know how to do it, you will make money," said Razack. It has set a target of INR1,500-2,000 crore over the next five years and would invest around INR300 crore through this new subsidiary.