Prestige Group acquires 62.5 acres of prime land in Indirapuram Extension, NCR for Integrated Township, 'The Prestige City' Spanning Over 10 Mn Sq. Ft.

Prestige Group, a name synonymous with excellence in real estate development, has announced its latest acquisition of 62.5 acres of prime land in Indirapuram Extension, NCR. 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. This project will be branded under the successful 'The Prestige City' format, offering residents an unparalleled lifestyle experience in a large township with a seamless blend of residential, retail, school and recreational spaces. The cost of acquisition amounts to ₹468 Cr, along with a revenue share. 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.

Commenting on the acquisition, Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, stated, "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. With our proven track record of delivering iconic developments, we are confident that 'The Prestige City Indirapuram' will set new benchmarks in this geography."

Mr. Venkat K Narayana, Group CEO of Prestige Group, emphasized, "This large-format project spans over 10 Mn Sq. Ft. of saleable area, with a projected Gross Development Value (GDV) surpassing ₹10,000 Cr 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 4 years."

Prestige Group remains committed to adhering to the highest standards of design, execution, and customer service, ensuring that every project reflects its core values of innovation, integrity, and excellence.

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 1047.95 as compared to the previous close of Rs. 1037.35. The total number of shares traded during the day was 35887 in over 2941 trades.

The stock hit an intraday high of Rs. 1068.60 and intraday low of 1007.20. The net turnover during the day was Rs. 37475611.00.

Source : Equity Bulls

Keywords

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