Prestige Group, the Bangalore-based developer bought a 62.5 acre land parcel in Indirapuram, Ghaziabad. In the regulatory filing, the company said it plans to develop a luxury township in the locality with swift connectivity to Delhi, the national capital.
The recently acquired land holds a revenue potential of Rs. 10,000 crore. For this land deal, Prestige Group incurred Rs. 468 crore.
In the regulatory filling the company said, “This strategic acquisition marks a significant milestone for Prestige Group as it expands its footprint in the dynamic real estate market of the 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.”
Prestige Group aims to launch the mega project in the next two quarters and complete it in the next four years. The project spans over 10 mn. Sq. ft., and has a dedicated layout for residential, education, and retail verticals’.
The developer named the project ‘The Prestige City’ will offer a contemporary lifestyle to city residents. With multifold recreational spheres occupants will indulge in an impeccable living experience.
Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are excited about acquiring this prime land in NCR, presenting an excellent opportunity for Prestige Group to strengthen its presence in the region.”
He further said, that taking The Prestige City beyond Bangalore is the way to prove our commitment to offer large-format integrated townships and developments.
The company recently inked a pact with two financial institutions to raise funds worth crores for new projects. After attaining client satisfaction and the reputation of a promising developer in Bangalore, the company eyes business expansion across the country.
