Prestige Group buys Rs 450-crore land in Bengaluru

Prestige Group has acquired around 21 acres of land in Bengaluru's Whitefield for Rs 450 crore, the real estate company said on Thursday.

"The acquired land will be planned for Residential Development spanning approximately 4 million sqft of developable area, comprising around 1,800 apartments," Prestige Estates Projects said in a regulatory filing.

"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 million square feet of developable area, with a projected Gross Development Value (GDV) of Rs 4,500 crore," said Irfan Razack, chairman and MD 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," said Venkat K Narayana, Group CEO of Prestige Group.

Prestige, which has a diversified business model across various segments like residential, office, retail, hospitality, property management, and warehouses, operates in over 12 locations in the country.

The company claims to have completed 300 projects spanning a developable area of 188 million square feet.

Prestige Estates Projects shares ended 0.3 per cent higher at Rs 1,305.3 apiece on BSE earlier on Thursday. 

Recent developments at Prestige Group 

Prestige Estates Projects has also acquired a 50 per cent stake in Prestige Realty Ventures for approximately Rs 165 crore, the company said in a filing on April 1. After this deal, the company will obtain 99.90 per cent stake in Prestige Realty Ventures.

Prestige Realty Ventures has developed commercial buildings like Prestige Techcloud and Hotel Moxy Prestige Tech Cloud in Bengaluru.