Introduction
Prestige Group has acquired 62.5 acres of land in Indirapuram Extension, National Capital Region (NCR), for constructing a township. The township will feature residential units, commercial spaces, and modern amenities to cater to the needs of the residents. Prestige Group is known for its high-quality construction and innovative designs, making this upcoming project highly anticipated in the real estate market.
Table of Contents
- Prestige Group Offers Integrated Townships
- About Prestige Group of Company
- Four Housing Projects Are to Be Launched by Prestige Group
Prestige Group has acquired 62.5 acres of land in Indirapuram Extension, National Capital Region (NCR), for constructing a township. It is a strategic move to expand its presence in the region. This acquisition will give the company a loss of Rs. 468 crores.
‘The Prestige City’, a new large-format project comprising a residential, retail, school, and entertainment spaces, is set to offer residents a unique lifestyle experience. The project is spread over 10 million square feet. It has an estimated gross development value (GDV) of 10,000 crores. Scheduled for the two quarters. The development is expected to be completed in four years.
Prestige Group bought land in Indirapuram. It will be developed mainly for residential purposes, along with the education and retail sectors. The move is in line with the group’s vision of creating integrated urban communities that aim to redefine modern living. The new development named ‘The Prestige City Indirapuram‘ is expected to set new benchmarks in the region.
Prestige Group Offers Integrated Townships
The group has successfully finished 300 projects, cumulatively offering a total developable area of 188 million square feet. Their portfolio includes a diverse range of residential, commercial, and mixed-use developments across various cities. With a strong track record of delivering high-quality projects on time and within budget, the group has established itself as a trusted company in the real estate industry.
About Prestige Group of Company
The Prestige Group has consistently established itself as one of the most successful real estate developers in India. It was established in 1986. The company has diversified over time into many related/unrelated services. The company today is synonymous with innovation. Pioneered several landmark developments. Introduced many firsts to South India.
It started as a retail business. But moved into real estate with its first project at Prestige Court, KH Road, Bangalore. The company is ISO 9001:2008 certified. To date, Prestige Group has completed 192 projects covering an area of 64 million square feet.
Also read: Prestige Somerville: A New Luxury Residential Project in Bangalore
Four Housing Projects Are to Be Launched by Prestige Group
Abu Dhabi Investment Authority (ADIA) and Kotak AIF will invest ₹2,001 crore in four residential projects by real estate developer Prestige Group. These funds will be utilized for the development of projects in Delhi, Mumbai, Bangalore, and Goa. The transaction is structured as a 60:40 joint venture platform between ADIA-Kotak and Prestige. 2,001 crores will be invested in the form of partial debt. Prestige contributes to the rest.
“The opportunities in the residential sector are huge. The partnership with ADIA-Kotak is a long-term one. All four projects are large, covering around 13.5 million square feet. This deal will help accelerate growth and expansion in the growing demand in this sector,” Venkat K. Narayana, Group Chief Executive, of Bangalore-based Prestige Group, told a press meeting.
Conclusion
Prestige Group’s latest move to acquire massive 62.5-acre land in Indirapuram Extension, National Capital Region (NCR), is a testament to their commitment to creating world-class living spaces. The upcoming township is being built with modern facilities to meet the needs of the residents.
A perfect blend of residential and commercial spaces. With such a development in the pipeline, it’s clear that the region is set to experience a new wave of progress and prosperity. For more information, visit openplot.
Also read: Shriram Properties: Launch of New Residential Project in Bangalore