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Prestige Estates Projects has announced the acquisition of 62.5 acres of prime land in Indirapuram Extension, NCR. This strategic purchase marks a significant milestone as Prestige Group expands its footprint in the dynamic NCR real estate market.
The land cost INR 468 crore along with a revenue share. The acquired land will primarily be developed as residential, complemented by education and retail. This aligns with Prestige Group's vision of creating integrated urban communities that redefine modern living. The project will span over 10 million square feet of saleable area with a projected gross development value surpassing INR 10,000 crore.
This project will be branded under the successful 'The Prestige City' format, offering residents an unparalleled lifestyle experience in a large township seamlessly blending residential, retail, school and recreational spaces.
Venkat K Narayana, Prestige Group CEO, said the company plans to launch the project within the next two quarters and complete development in four years. This investment underscores Prestige Group's confidence in NCR's potential and long-term commitment to creating enduring value for stakeholders.
The Bengaluru-based Prestige Estates Projects Ltd reported a remarkable 111% year-over-year rise in Q3 sales bookings to INR 5,326 crore. Recent Prestige Group projects include Prestige City in Hyderabad, Prestige Ocean Towers in Mumbai, Prestige Ocean Pearl in Calicut and Prestige Glenbrook in Bengaluru.
With over three decades in real estate development, Prestige Group has diversified business across residential, office, retail, hospitality, property management and warehouses operating in over 12 major Indian locations. The group has completed 300 projects spanning 188 million square feet. Last month, Prestige Group announced plans to develop 9 million square feet of retail space in Mumbai and Delhi-NCR, expanding its mall business.
The range of projects being executed by the company across India demonstrates its ability to identify prime locations and execute large-scale township developments. Coupled with robust sales growth across existing projects, this latest move establishes Prestige Estates Projects as one of India's leading real estate developers with a nationwide footprint and diversified portfolio. The group is well-positioned to continue delivering value for customers and shareholders through its proven track record of completing high-quality real estate ventures.
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