Prestige Estates Sets Sights on Rs 3,350 Crore from Chennai Housing Venture

Prestige Estates Projects Ltd aims to generate Rs 3,350 crore from a new residential project in Chennai. The Prestige Pallavaram Gardens project features 2,069 premium apartments. Despite a dip in sales bookings last year, the company targets Rs 27,000 crore in sales this fiscal year.

Prestige Estates Projects Ltd is embarking on an ambitious housing project in Chennai, aiming to generate Rs 3,350 crore in revenue. The company has unveiled Prestige Pallavaram Gardens, a residential development spread over 21.84 acres on the Pallavaram–Thoraipakkam Radial Road.

This massive project comprises 2,069 premium apartments, encompassing a total saleable area of 3.1 million square feet. The development boasts a substantial Gross Development Value (GDV) of Rs 3,350 crore, marking a significant expansion in an already dynamic market.

Irfan Razack, the Chairman & Managing Director of Prestige Group, emphasized Chennai's growing stature in South India's real estate sector. Despite facing a downturn in sales bookings last fiscal year, Prestige Estates remains optimistic, setting an ambitious sales target of Rs 27,000 crore for the current fiscal year.

(With inputs from agencies.)