Prestige Group Buys 21 acres in Bengaluru for Rs 450 Crore to Build Homes
For Rs 450 crore, the real estate company Prestige Group purchased 21 acres in Whitefield, Bengaluru, with the intention of building a housing complex. Over the following four years, the company anticipates earning Rs 4,500 crore.
Prestige Estates Projects Ltd. stated in a regulatory statement on Thursday that the purchased land will be used for a residential complex with roughly 1,800 flats. It said, “The acquisition cost is Rs 450 crore.” Irfan Razack, the chairman and managing director of Prestige Group, commented on the acquisition, saying, “The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor.”
This expansive project has an estimated Gross Development Value (GDV) of Rs 4,500 crore and covers an area of more than 4 million square feet that can be developed. “The project will strengthen our sales in our home market, and we look forward to launching the project in the next three quarters and completing the development in four years,” stated Venkat K. Narayana, CEO of Prestige Group. “The project will strengthen our sales in our home market and we look forward to launching the project in the next three quarters and completing the development in four years,” stated Venkat K. Narayana, CEO of Prestige Group Group. Almost forty years of real estate development experience precedes Prestige Group, one of the top developers in the nation.
With activities in more than 12 significant Indian locales, its business model is diversified across a number of areas, including residential, office, retail, hospitality, property management, and warehousing. The organization has finished 300 projects totaling 188 million square feet of developable space. The organization has finished 300 projects totaling 188 million square feet of developable space.
