Prestige Group expands its foothold in Delhi-NCR, acquiring 62.5 acres in Ghaziabad for a township project

By Bricksnwall | 2024-03-22

Prestige Group expands its foothold in Delhi-NCR, acquiring 62.5 acres in Ghaziabad for a township project

Prestige's NCR project will have over 10 million sq ft of saleable area and an estimated GDV of over ₹10,000 crore. Likely to launch during the next two quarters.

Prestige Estates Projects Ltd has acquired 62.5 acres at Indirapuram Extension in Ghaziabad and plans to create a township with a revenue potential of ₹10,000 crore, according to a regulatory filing.

The company stated that the acquisition cost is ₹468 crore, which includes a revenue share with the landlord.

The large-format project has a saleable area of approximately 10 million square feet and will be constructed largely for residential purposes, with educational and retail components.

According to the corporation, the project will begin in the following two quarters and be completed in four years.

This strategic acquisition represents a key milestone for Prestige Group as it strengthens its presence in NCR's booming real estate sector. The acquired site will be developed largely as residential, with educational and retail components, in line with Prestige Group's aim of creating integrated urban communities that redefine modern life, according to a regulatory filing.

This project will be branded using the successful Prestige City model, providing inhabitants with a lifestyle experience in a huge township that seamlessly blends residential, retail, school, and recreational facilities.

The investment demonstrates Prestige Group's belief in the NCR market's potential, as well as its long-term commitment to producing enduring value for stakeholders, according to the business.

Regarding the acquisition, Irfan Razack, Chairman and Managing Director of Prestige Group, stated, "We are delighted about acquiring this outstanding site in NCR, which presents an excellent opportunity for Prestige Group to extend its footprint in the region. 

With our proven track record of delivering iconic developments, we are confident that The Prestige City Indirapuram will set new benchmarks in this geography, stated Mr. Singh.

This large-format project spans over 10 million sq. ft. of saleable area, with a projected Gross Development Value (GDV) exceeding ₹10,000 crore, demonstrating our commitment to diversifying our sales portfolio and expanding footprints." We hope to start the project within the next two quarters and finish it in four years, said Venkat K Narayana, Group CEO of Prestige Group.

Prestige Group has over three decades of real estate development experience. It offers a diverse business model spanning multiple areas, including residential, office, retail, hospitality, property management, and warehouses, with activities in over 12 major cities across India. The group has completed 300 projects with a developable area of 188 million square feet.

Source: Hindustan Times