Prestige Group acquires 21 acres of land in Whitefield, Bengaluru, for ₹450 crore

Prestige Group is expecting a revenue of ₹4500 crore from the residential project over the next four years, the company said in a regulatory filing

Published on: Apr 4, 2024, 20:08:36 IST

By HT News Desk

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Listed real estate firm, Prestige Group, has acquired 21 acres of land in Whitefield, Bengaluru, for ₹450 crore and plans to develop a residential project spanning 4 mn sq ft of developable area, comprising around 1800 apartments, the company said in a regulatory filing.

Prestige Group has acquired 21 acres of land in Whitefield, Bengaluru, for ₹450 crore. (Picture for representational purposes only) (Pexel)

The company is expecting a revenue of ₹4500 crore over the next four years, it said.

Also Read: Prestige Group expands footprint in Delhi-NCR; acquires 62.5 acres in Ghaziabad for a township project

"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 mn sq ft of developable area, with a projected Gross Development Value (GDV) of ₹4,500 crore,” said Irfan Razack, Chairman and Managing Director of Prestige Group.

Also Read: Prestige Group buys 2.3-acre land for ₹704 crore

Venkat K Narayana, Group CEO of Prestige Group, said, "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 four year’s time."

Also Read: Prestige group raises ₹2,001 cr from ADIA, Kotak AIF to build housing projects across four cities

Prestige Group has diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India.

The Group has completed 300 projects spanning a developable area of 188 mn sq ft. The company has been graded CRISIL DA1+ by CRISIL and enjoys a credit rating of ICRA A+.

Also Read: At least 97 land deals for more than 2700 acres closed across the country in 2023

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