Prestige Group buys 21 acres in Bengaluru for Rs 450 cr to build homes

Realty firm Prestige Group has acquired 21 acres of land in Whitefield, Bengaluru, for Rs 450 crore to develop a housing project and is expecting a revenue of Rs 4,500 crore over the next four years.

In a regulatory filing on Thursday, Prestige Estates Projects Ltd said the acquired land will be planned for residential development comprising about 1,800 apartments.

''The cost of acquisition is Rs 450 crore,'' it added.

Commenting 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 sq ft of developable area, with a projected Gross Development Value (GDV) of Rs 4,500 crore.'' Prestige Group Group CEO Venkat K Narayana said, ''The project will strengthen our sales in our home market and we look forward to launching the project in the next three quarters and completing the development in 4 years time.'' Prestige Group, one of the leading real estate developers in the country, has a legacy of almost four 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 in India. The group has completed 300 projects spanning a developable area of 188 million sq ft.

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