A leading real estate firm in India, Prestige Estates announced that it has purchased a 21 acres of premium land in Whitefield, the key location of Bengaluru for Rs. 450 crore.
According to the regulatory filing of the company, Prestige Estates Projects, the purchased land will be scheduled for the development of residential properties spanning around 4 million square feet of advance-able area including more than 1800 apartments.
The net profit of the Prestige Estates Projects registered a 1.9 percent Year-on-Year at Rs. 164.7 crore for the third quarter that finished in December 31, 2023.
In the respective quarter of previous year, Prestige Estates Projects reported a net profit of Rs. 161.7 crore.
Expressing to this new acquirement, Chairman and Managing Director of Prestige Group, Irfan Razack says, "The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 million Square feet of developable area, with a projected Gross Development Value (GDV) of Rs. 4,500 crore”.
Similarly, the Group CEO of Prestige Group, Venkat K Narayana states, "The project will strengthen our sales in our home market and we look forward to launching the project within the next three quarters and completing the development in 4-year time."
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