Business Update5 Apr 2024, 12:03 am
Prestige Group Acquires 21-Acre Land in Whitefield, Bengaluru for Approx. 7450 Cr to Develop 4 Mn Sft Residential Project
AI Summary
Prestige Group, a leading real estate developer in India, has acquired approximately 21 acres of prime land in Whitefield, Bengaluru, for 7450 Cr. This land will be used for a residential development project spanning over 4 Mn Sft. The project is expected to have around 1800 apartments and a Gross Development Value (GDV) of 24,500 Cr. The acquisition strengthens Prestige Group's presence in the large IT corridor and is projected to be launched within the next three quarters, with development completion anticipated in 4 years.
Key Highlights
- Prestige Group acquires 21 acres of prime land in Whitefield, Bengaluru for residential development.
- Acquisition cost is approximately 7450 Cr and the project will span over 4 Mn Sft of developable area.
- Project includes around 1800 apartments and has a projected GDV of 24,500 Cr.
- Prestige Group is committed to adhering to the highest standards of design, execution, and customer service.
- Development is expected to be launched within three quarters and completed in 4 years