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Prestige Estates Projects Ltd has announced its acquisition of 62.5 acres in Indirapuram Extension, Delhi-NCR, for the development of a township with an estimated revenue potential of Rs 10,000 crore. The acquisition, costing Rs 468 crore and inclusive of a revenue share with the landlord, marks a strategic move for the realty firm as it expands its presence in the dynamic real estate market of Delhi-NCR.
The acquired land, boasting a saleable area of 10 million square feet, will primarily feature residential developments alongside educational and retail amenities. The project will be branded under the successful The Prestige City format.
Chairman and Managing Director of Prestige Group, Irfan Razack, expressed excitement about securing prime land in NCR, citing it as a significant opportunity for the group to strengthen its regional presence. He emphasized the extension of The Prestige City brand to NCR following its success in Bengaluru, Mumbai, and Hyderabad, showcasing the groups commitment to offering large-format integrated townships and developments.
CEO of Prestige Group, Venkat K Narayana, highlighted the scale of the project, spanning over 10 million square feet of saleable area with a projected Gross Development Value (GDV) exceeding Rs 10,000 crore. Narayana expressed anticipation for launching the project within the next two quarters and completing development within four years.
Prestige Group, renowned for its three-decade legacy in real estate development, operates across various segments including residential, office, retail, hospitality, property management, and warehouses in over 12 major locations across the country. With 300 completed projects encompassing a developable area of 188 million square feet, the group remains a leading player in the Indian real estate sector. |
