Prestige Estates Projects Ltd, a real estate company located in Bengaluru, plans to invest over ₹7000 crore in the development of a township project in Ghaziabad, Delhi NCR. After obtaining all required clearances, the project known as "Prestige City" is anticipated to be introduced this quarter.
Irfan Razack, chairman and managing director of Prestige Group, expressed his optimism about the Delhi-NCR property market, stating that if the company can regularly purchase land parcels, residential sales might reach ₹10,000 crore annually.
In March, the real estate company Prestige Estates Projects Ltd. increased its presence in the Delhi-NCR area when it purchased 62.5 acres in Ghaziabad's Indirapuram Extension, where it intends to build a township.
In Delhi's Aerocity, the business is also building a commercial project, which should be finished by the end of the following year.
Remarkable corporate clients have fully leased the 7 lakh square feet of office space in the Aerocity commercial complex, he said.In order to establish a pipeline for future development, Razack added that the company is already assessing other land parcels in the Delhi-NCR.
Speaking to this, Prestige Group chairman and managing director Irfan says, "We bought this land parcel for more than ₹450 crore. We will be developing 10 million square feet of residential space in this large format project. There will be some components of retail and education as well".
“We are primarily targeting end-users and the project will offer 2, 3 and 4BHK apartments", Razak added.
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