RECENT DEVELOPMENT:
Bengaluru, April 1, 2024 – Prestige Group, one of India’s leading real estate developers, is proud to announce a significant milestone in its growth trajectory through a strategic deal with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF. The INR 2,001 crores (~$240 million) deal is dedicated towards the development of residential projects in prominent locations across 4 cities in India. The collaboration with ADIA and Kotak AIF represents a considered move towards adopting strong and organic growth for Prestige Group. The deal, with its substantial size, upholds company’s vision to sustain its leadership position in the industry. It is aimed at catalysing the development of early-stage residential projects, ensuring company’s commitment to prudent expansion and diversified growth.
Bengaluru, 4th April 2024: Prestige Group, a leading real estate developer in India, is pleased to announce its latest acquisition of approximately 21 acres of prime land in Whitefield, Bengaluru. The acquired land will be planned for Residential Development spanning approximately 4 Mn Sft of developable area, comprising around 1800 apartments. The cost of acquisition is ₹450 Cr. Commenting on the acquisition, Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, 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 Mn Sft of developable area, with a projected Gross Development Value (GDV) of ₹4,500 Cr.” Mr. Venkat K Narayana, Group CEO of Prestige Group, said, “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 4-year time.”
Disc- Invested
| Subscribe To Our Free Newsletter |
