Prestige Group acquires 21 acres of land in Bengaluru for Rs 450 crore

The real estate group plans to build 1,800 apartments spread over 4 million square feet of area

Real estate developer Prestige Group has acquired 21 acres of land in Whitefield, Bengaluru, for Rs 450 crore to develop a housing project. The project is expected to generate revenue of Rs 4,500 crore over the next four years.

In a BSE filing on Thursday, Prestige Estates Projects Ltd said the acquired land will be earmarked for residential development. The plot will accommodate about 1,800 apartments, spanning over 4 million square feet of area.

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Speaking on the acquisition, Prestige Group Chairman and Managing Director Irfan Razack said, “The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 million square feet of developable area, with a projected Gross Development Value (GDV) of Rs 4,500 crore.”

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“The project will strengthen our sales in our home market and we look forward to launching the project within the next three quarters and completing the development in four years,” said Venkat K Narayana, group chief executive officer of Prestige Group.

Prestige Group has a diversified business model across various segments, like residential, office, retail, hospitality, property management, and warehouses with operations in more than 12 major locations in India.