A luxury residential project will be built in Lutyens' Delhi by the Bengaluru-based Prestige Group in a joint development venture with TDI Infratech. The property is held by TDI Infratech and is valued at between INR 325 and 350 crore ($43 and $46 million), with an estimated INR 700 crore ($93 million) in potential revenue. Prestige Group plans to build eight to nine boutique apartments in an area where high-rises are often prohibited, though specifics are still being worked out. This action represents Prestige Group's desire to enter the residential sector in Delhi.
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Bengaluru's Prestige Group is reportedly in advanced talks with TDI Infratech to jointly develop a 5,100 square-yard residential property in Lutyens' Delhi, a prestigious area in the city. This property, owned by TDI Infratech, is valued at around INR 325-350 crore (approximately $43-46 million) and holds an estimated revenue potential of INR 700 crore (about $93 million). Experts suggest that Prestige Group might opt for the construction of eight to nine boutique apartments, marking its entry into Delhi's residential market. The project is still in negotiation, and legal due diligence is being conducted.
This joint development agreement will see Prestige Group investing in the construction of a luxury residential project in Lutyens' Delhi. While the details are being worked out, the property holds significance due to its location in a region where high-rises are generally restricted.
However, the project faces some challenges, as the area, typically known for its sprawling bungalows, has limited scope for high-rise developments. Nonetheless, Prestige Group seems keen to expand its residential footprint in Delhi, with the potential to clear the property's existing loan of INR 225 crore.
While Prestige Group is in discussions with TDI Infratech, the exact details of the agreement, including the revenue-sharing model, are yet to be finalized. Prestige Group has been actively pursuing larger township projects to enhance its presence across major Indian real estate markets. They have also established themselves in the luxury segment, with properties priced over INR 7 crore.
As of now, Prestige Group is working on a substantial residential project spanning 2.2 million square feet in Noida Sector 150. Additionally, they are scouting for suitable land parcels in Delhi and Gurgaon to expand their residential ventures.
Prestige Group has a remarkable track record, having completed 285 projects covering a developable area of 170 million square feet. Currently, they have 54 ongoing projects across various segments, with a total developable area of 75 million square feet. Looking ahead, they have plans for 44 projects, encompassing 99 million square feet, and possess a land bank of about 680 acres as of July, spread across 13 cities.
This initiative follows a similar joint venture agreement between Godrej Properties and TDI Infratech. They partnered to develop an ultra-luxury residential project in the central Delhi location of Shaheed Bhagat Singh Marg, near Connaught Place.
Lutyens' Delhi is known for its exclusivity, housing prominent politicians and business leaders. It is a highly sought-after location in the Indian capital, and properties here rarely change hands due to the significant government ownership of land in the area. The negotiations between Prestige Group and TDI Infratech indicate their interest in capitalizing on this prestigious location's real estate potential.
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