Prestige Group has acquired 21 acres of land in Bengaluru for INR 450 crore. The company intends to utilise the land for residential development, with plans spanning approximately four million square feet of developable area. This ambitious project is expected to yield around 1,800 apartments, catering to the growing demand for housing in the city. Venkat K Narayana, Group CEO, expressed plans to launch the project within three quarters and complete development in four years.The acquisition reflects Prestige Group's strategic expansion efforts and commitment to meeting the housing needs of Bengaluru's populace.
Prestige Group, a well-established entity in India's real estate landscape, acquired 21 acres of land in Whitefield, Bengaluru. The transaction, valued at INR 450 crore, was formally disclosed by the company through a filing with the Bombay Stock Exchange (BSE), indicating the significance and transparency of the deal.
The land acquisition presents a significant opportunity for a major residential development project. Spanning about four million square feet, it aims to accommodate approximately 1,800 residential units. This move reflects Prestige Group's dedication to meeting Bengaluru's changing housing demands amidst rapid urbanisation and population growth.
Chairman and Managing Director of Prestige Group, Irfan Razack, expressed optimism about the venture, highlighting its scale and the anticipated gross development value (GDV) of INR 4,500 crore. Razack's remarks underscored the strategic importance of the project, not only in terms of its economic value but also its potential to contribute to the city's urban development landscape.
Meanwhile, Venkat K Narayana, Group CEO, provided insight into the company's operational timeline for the project. Narayana stated that Prestige Group is keen on initiating the development within the next three quarters, with a steadfast commitment to completing the entire project within a span of four years. This timeline reflects the company's proactive approach to project management and its plans to deliver the development of this project in a timely manner.
The acquisition of this substantial land parcel in Whitefield signifies a significant milestone for Prestige Group. Prestige Group continues to lead the journey of transformative projects of scale that will potentially shape the urban landscape and contribute to India’s real estate growth.
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