Prestige Estates Projects Ltd is investing around INR 7,000 crore to develop a large township in Ghaziabad, part of its expansion in the Delhi-NCR property market. The 'Prestige City' project will span 10 million square feet, featuring residential units, retail, and educational facilities, with expected revenue of over INR 10,000 crore. The company has also acquired land in central Delhi for an ultra-luxury housing project and plans a project in Noida. Despite a recent decline in sales bookings, Prestige achieved INR 21,040 crore in bookings last fiscal year and aims for INR 24,000 crore this year, positioning itself for further growth in Delhi-NCR.
Prestige Estates Projects Ltd, a leading real estate firm, is investing approximately INR 7,000 crore to develop a large township in Ghaziabad, as part of its expansion strategy in the Delhi-NCR property market. The Bengaluru-based company, known for its extensive portfolio, is also developing a commercial project in Aerocity, Delhi, and has entered the Delhi-NCR housing market by acquiring land in Delhi, Noida, and Siddharth Vihar, Ghaziabad.
The company's Chairman and Managing Director, Irfan Razack, is optimistic about the potential of the residential market in Delhi-NCR. He believes that Prestige could achieve annual housing sales worth INR 10,000 crore, provided they continue to secure new land parcels. Earlier this year, Prestige acquired 62.5 acres of land in Siddharth Vihar, Ghaziabad, for over INR 450 crore. The company plans to launch the township project, called 'Prestige City,' in the upcoming quarter, pending necessary approvals. This project will include 10 million square feet of residential space along with retail and educational facilities.
Razack estimates the total cost of the township project to be around INR 6,000-7,000 crore. He told reports at PTI, the land has already been acquired, and construction expenses will be covered through customer funds collected from sales bookings. The township will offer a variety of apartment sizes, including two, three, and four-bedroom units, targeting end users. Prestige expects to generate over INR 10,000 crore in revenue from this project.
Apart from the Ghaziabad township, Prestige has also acquired a one-acre land parcel in central Delhi for an ultra-luxury housing project, which is awaiting approvals. Additionally, the company has plans for a housing project in Sector 150, Noida, although this project is also pending approval from local authorities.
Prestige Group, with over three decades of experience, has a diverse portfolio that includes residential, office, retail, hospitality, and warehouses across 13 major cities in India. The company has completed 300 projects, covering 190 million square feet. In the fiscal year 2023-24, Prestige achieved record sales bookings of INR 21,040 crore and has set a target of INR 24,000 crore for the current financial year.
However, the company's sales bookings have seen a decline in recent months. Between July and September, sales bookings dropped to INR 4,022.6 crore from INR 7,092.6 crore in the same period the previous year. Similarly, from April to September, sales bookings decreased to INR 7,052.2 crore, compared to INR 11,007.3 crore in the previous year.
Despite the recent dip in sales, Prestige Estates Projects Ltd is making strategic moves to strengthen its presence in Delhi-NCR. With significant investments in projects like 'Prestige City' and a strong track record in the real estate sector, the company is well-positioned for continued growth and success.
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