Realty firm Prestige Estates Projects Ltd on Thursday said it has acquired 62.5 acres at Indirapuram Extension in Delhi-NCR to develop a township that has a revenue potential of Rs 10,000 crore.
The company said the acquisition cost is Rs 468 crore and includes a revenue share with the landlord.
In a regulatory filing, the company said this strategic acquisition marks a significant milestone for Prestige Group as it expands its footprint in the dynamic real estate market of Delhi-NCR.
The acquired land, with a saleable area of 10 million sq ft, will be developed primarily as residential, complemented by education and retail.
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This project will be branded under the successful 'The Prestige City' format.
"The cost of acquisition amounts to Rs 468 crore, along with a revenue share," Prestige Group said.
Commenting on the acquisition, Prestige Group Chairman and Managing Director Irfan Razack said, "We are excited about acquiring this prime land in NCR, presenting an excellent opportunity for Prestige Group to strengthen its presence in the region."
"Extending 'The Prestige City' brand to NCR following its resounding success in Bengaluru, Mumbai, and Hyderabad underscores our group's commitment to offering large-format integrated townships and developments," he said.
Prestige Group Group CEO Venkat K Narayana said this large-format project spans over 10 million sq ft of saleable area, with a projected Gross Development Value (GDV) surpassing Rs 10,000 crore.
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"We look forward to launching the project within the next two quarters and completing the development in four years," he said.
Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development.
It has diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations across the country.
The group has completed 300 projects spanning a developable area of 188 million sq ft.
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