Real estate developer Prestige Group has acquired 62.5 acres of land in Indirapuram Extension, NCR, for Rs 468 crore. This acquisition, which involves a revenue share, marks a significant step for Prestige Group as it expands its presence in the NCR real estate market.
Chairman and Managing Director of Prestige Group, Irfan Razack, expressed enthusiasm about the acquisition, highlighting the opportunity it presents to strengthen the group’s foothold in the region. The land will be developed primarily for residential purposes, with a focus on creating integrated urban communities under the ‘Prestige City’ brand.
The project, spanning over 10 million square feet of saleable area, is projected to have a Gross Development Value (GDV) exceeding Rs 10,000 crore. Prestige Group aims to launch the project within the next two quarters and complete development within four years.
With a diverse business model operating in 13 major locations across India, Prestige Group has completed over 300 projects covering more than 180 million square feet across various segments including residential, office, and retail. Currently, the company has 56 ongoing projects and plans for 43 future projects, with a land bank exceeding 728 acres as of September 2023.
Prestige Group holds high credit ratings, with a CRISIL rating of DA1+ and an ICRA rating of A+.
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