Prestige Group Acquires Land in Ghaziabad for Rs 10,000 Cr Township Project

New Delhi, March 21 - Prestige Estates Projects Ltd announced a significant expansion in the Delhi-NCR region with the acquisition of a 62.5-acre land parcel at Indirapuram Extension. The realty firm plans to develop a township on this land, which has an estimated revenue potential of Rs 10,000 crore. The acquisition, costing Rs 468 crore, includes a revenue-sharing agreement with the landlord. This move is set to bolster Prestige Group's presence in one of India's most vibrant real estate markets.

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The acquired land boasts a saleable area of 10 million sq ft and will primarily feature residential spaces, alongside educational and retail establishments. This project will fall under the successful "The Prestige City" brand, which has seen considerable success in other major cities like Bengaluru, Mumbai, and Hyderabad. Prestige Group's Chairman and Managing Director, Irfan Razack, expressed enthusiasm about this venture, highlighting it as an opportunity to strengthen the group's footprint in the NCR region.

Venkat K Narayana, CEO of Prestige Group, shared details about the project's scale and financial prospects. Spanning over 10 million sq ft of saleable area, the project's Gross Development Value (GDV) is projected to exceed Rs 10,000 crore. The company aims to launch this ambitious project within the next two quarters and complete it within four years.

Prestige Group has established itself as a leading name in the Indian real estate sector with over three decades of experience. The company's diverse portfolio encompasses various segments including residential, office, retail, hospitality, property management, and warehouses. With operations spread across more than 12 major locations nationwide, Prestige Group has completed 300 projects covering a developable area of 188 million sq ft.

This strategic acquisition in Delhi-NCR marks a significant milestone for Prestige Group as it continues to expand its portfolio and reinforce its commitment to developing large-format integrated townships and developments across India.