Prestige Group expands footprint in Delhi-NCR; acquires 62.5 acres in Ghaziabad for a township project - Hindustan Times
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Prestige Group expands footprint in Delhi-NCR; acquires 62.5 acres in Ghaziabad for a township project

Mar 21, 2024 10:51 PM IST

Prestige's NCR project to span over 10 mn sq ft of saleable area, with a projected GDV surpassing ₹10,000 cr. Likely to be launched within next two quarters

Real estate firm Prestige Estates Projects Ltd has expanded its footprint in Delhi-NCR by acquiring 62.5 acres at Indirapuram Extension in Ghaziabad and is planning to develop a township that has a revenue potential of 10,000 crore, the company said in a regulatory filing.

Real estate firm Prestige Estates Projects Ltd has expanded its footprint in Delhi-NCR by acquiring 62.5 acres at Indirapuram Extension in Ghaziabad. (Picture for representational purposes only) (Sakib Ali/HT Photo)
Real estate firm Prestige Estates Projects Ltd has expanded its footprint in Delhi-NCR by acquiring 62.5 acres at Indirapuram Extension in Ghaziabad. (Picture for representational purposes only) (Sakib Ali/HT Photo)

The company said the acquisition cost is 468 crore and includes a revenue share with the landlord.

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The large-format project spans over 10 mn sq ft of saleable area and will be developed primarily as residential, complemented by education and retail.

The company plans to launch the project within the next two quarters and complete the development in four years, it said.

“This strategic acquisition marks a significant milestone for Prestige Group as it expands its footprint in the dynamic real estate market of NCR. The acquired land will be developed primarily as residential, complemented by education and retail aligning with Prestige Group's vision to create integrated urban communities that redefine modern living,” the company said in a regulatory filing.

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This project will be branded under the successful ‘The Prestige City’ format, offering residents a lifestyle experience in a large township with a seamless blend of residential, retail, school and recreational spaces.

The investment underscores Prestige Group's confidence in the potential of the NCR market and its long-term commitment to creating enduring value for stakeholders, the company said.

Commenting on the acquisition, Irfan Razack, Chairman and Managing Director of Prestige Group, said, "We are excited about acquiring this prime land in NCR, presenting an excellent opportunity for Prestige Group to strengthen its presence in the region. Extending 'The Prestige City' brand to NCR following its resounding success in Bengaluru, Mumbai, and Hyderabad underscores our group's commitment to offering large-format integrated townships and developments,” he said.

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

“With our proven track record of delivering iconic developments, we are confident that ‘The Prestige City Indirapuram’ will set new benchmarks in this geography,” he said.

"This large-format project spans over 10 mn sq. ft. of saleable area, with a projected Gross Development Value (GDV) surpassing 10,000 crore showcasing our commitment to diversifying our sales portfolio and expanding footprints. We look forward to launching the project within the next two quarters and completing the development in four years,” said Venkat K Narayana, Group CEO of Prestige Group.

Prestige Group has a legacy of over three decades in real estate development. It 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.

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