Prestige Group acquires 21 acres of land in Whitefield, Bengaluru to develop residential project spanning over 4 Mn Sft

Prestige Group, a leading real estate developer in India, has announced its latest acquisition of approximately 21 acres of prime land in Whitefield, Bengaluru.

The acquired land will be planned for Residential Development spanning approximately 4 Mn Sft of developable area, comprising around 1800 apartments. The cost of acquisition is Rs. 450 Cr.

Commenting on the acquisition, Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, said, "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 Sft of developable area, with a projected Gross Development Value (GDV) of Rs. 4,500 Cr."

Mr. 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 4-year time."

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 trust.

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 1305.25 as compared to the previous close of Rs. 1301.70. The total number of shares traded during the day was 64541 in over 4653 trades.

The stock hit an intraday high of Rs. 1320.00 and intraday low of 1263.00. The net turnover during the day was Rs. 83351201.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 Realty PrestigeGroup LandAcquisition Whitefield Bengaluru ResidentialProject