Realty giant Prestige Group Purchases Land parcel worth Rs.468 Cr in NCR

On March 21, Prestige Estates Projects Ltd, a realty firm, announced that its subsidiary has successfully purchased 62.5 acres of valuable land in Indirapuram Extension, NCR for a total of Rs.468 crore.

In  a stock exchange filing, the company informed,"We are pleased to inform that the company through its subsidiary, has acquired 62.5 acres of prime land in Indirapuram Extension, NCR."

The development will carry the renowned 'The Prestige City' branding, providing inhabitants with an expansive community featuring a harmonious mix of housing, commercial, educational, and leisure facilities.

 
In an official statement,the company stated that the Prestige Group has invested Rs.468 crore in the acquisition, in addition to a revenue share. This investment demonstrates the company's belief in the NCR market's potential and its dedication to generating value for stakeholders in the long run, as stated by the company. 

Chairman and Managing Director of Prestige Group, Irfan Razack, said, "Extending 'The Prestige City' brand to NCR following its resounding success of Real estate in Bengaluru, Mumbai, and Hyderabad underscores our group's commitment to offering large-format integrated townships and developments."

Venkat K. Narayana, the Group CEO of Prestige, said, "This large-format project spans over 10 million square feet of saleable area, with a projected gross development value (GDV) surpassing Rs.10,000 crore. We look forward to launching the project within the next two quarters and completing the development in 4 years."
On the BSE rating, the share of Prestige Estates Projects Ltd ended at Rs.1,047.95, up by Rs.10.60, or 1.02%.