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Prestige Estates Paid ₹450 Crore For The Acquisition of Land

05 April 20243 mins read by Angel One
Prestige Estates acquires new land in the Whitefield area of Bengaluru to develop residential projects comprising 1,800 apartments.
Prestige Estates Paid ₹450 Crore For The Acquisition of Land
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On April 04, 2024, a leading real estate developer in India, Prestige Group, announced through an exchange filing about the acquisition of ~21 acres of prime land in Whitefield, Bengaluru. The company has paid ₹450 crore in the form of consideration for the acquisition of land. The company further stated that the acquired land would be planned for residential development, spanning approximately 4 Mn Sft of developable area, comprising around 1,800 apartments.

Prestige Group also stated in the exchange filing that it 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.

“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 ₹4,500 crore,” said Mr Irfan Razack, Chairman and Managing Director of Prestige Group.

“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,” Mr Venkat K Narayana, Group CEO of Prestige Group.

On April 01, 2024, the company announced a significant milestone in its growth trajectory via a strategic deal of ₹2,001 crore (~$240 million) with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF. Under the deal, the company will develop residential projects in prominent locations across 4 cities in India.

The collaboration with ADIA and Kotak AIF reflects a considered move towards adopting strong and organic growth for the Prestige Group. The deal, with its substantial size, upholds the company’s vision to sustain its leadership position in the industry. It is aimed at catalysing the development of early-stage residential projects, ensuring the company’s commitment to prudent expansion and diversified growth.

About Prestige Estate Projects Ltd

Prestige Estate Projects is engaged in real estate development, encompassing the development and construction of properties and leasing of office and retail properties. On April 05, 2024, the shares of the company opened at ₹1,338.60 and touched the day high of ₹1,350.00 at 11:50 AM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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