Prestige Estates Projects Ltd., a real estate company, announced on Thursday that it had purchased 62.5 acres in Delhi-NCR’s Indirapuram Extension to build a township with a potential revenue of Rs 10,000 crore.
According to the corporation, revenue sharing with the landlord is included in the acquisition cost of Rs 468 crore.
The business stated in a regulatory filing that this strategic acquisition is a major turning point for Prestige Group as it increases its presence in the vibrant Delhi-NCR real estate sector.
The 10 million square feet of saleable land that has been acquired will mostly be used for residential development, with some space going toward retail and education.
The project is set to follow the popular ‘The Prestige City’ brand.
Irfan Razack, the chairman and managing director of Prestige Group, commented on the purchase, saying, “We are excited about acquiring this prime land in NCR, presenting an excellent opportunity for Prestige Group to strengthen its presence in the region.”
“The extension of ‘The Prestige City’ brand to the National Capital Region (NCR) in the wake of its remarkable triumph in Bengaluru, Mumbai, and Hyderabad highlights our organization’s dedication to providing large-format integrated townships and projects.,” he stated.
According to Venkat K. Narayana, CEO of Prestige Group Group, this large-format project has an estimated gross development value (GDV) of more than Rs 10,000 crore and spans more than 10 million square feet of saleable area.
“We look forward to launching the project within the next two quarters and completing the development in four years,” he stated.
Having developed more than three decades of real estate, Prestige Group is one of the top developers in the nation.
With operations in more than 12 significant cities around the nation, it has a diversified business model spanning multiple areas, including residential, office, retail, hospitality, property management, and warehousing.
The organization has finished 300 projects totaling 188 million square feet of developable space.
