Real estate developer Prestige Group has purchased 21 acres of land in Bengaluru’s Whitefield, a prominent tech corridor, for ₹450 crore. The land will be used for a residential project spanning approximately 4 million sq ft, featuring 1,800 apartments.
This acquisition follows Prestige Group’s recent purchase of 62.5 acres in Ghaziabad, Uttar Pradesh, in March, costing ₹468 crore.
Chairman and Managing Director, Irfan Razack, stated that the Whitefield project is expected to generate a gross development value (GDV) of ₹4,500 crore.
Prestige Group has been expanding its project footprint across multiple cities in recent years.
Amidst the pandemic, there has been a notable rise in land acquisitions, particularly in the residential sector. In 2023, there were 97 land transactions covering over 2,707 acres, up from 82 deals covering 2,508 acres in the previous year, according to data by Anarock Property Consultants.
Venkat K Narayana, group chief executive of Prestige Group, mentioned that the Whitefield project will enhance sales in their home market. They plan to launch the project within the next three quarters and complete development within four years.
Recently, Prestige Group secured a deal with Abu Dhabi Investment Authority (ADIA) and Kotak AIF to raise ₹2,001 crore for four residential projects worth ₹18,000 crore. The funds will be used for projects in Delhi, Mumbai, Bengaluru, and Goa.
The transaction involves a 60:40 joint venture platform between ADIA-Kotak and Prestige, with ADIA-Kotak investing ₹2,001 crore in quasi debt form, and Prestige contributing the rest.
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