Bengaluru-based real estate firm Prestige Estates Projects Ltd will invest close to ₹7000 crore to develop a township project in Ghaziabad in Delhi NCR. The project ‘Prestige City’ is expected to be launched this quarter after all necessary approvals are received.
Prestige Group chairman and managing director Irfan Razack said that he is bullish on Delhi-NCR housing market and that there is a potential to achieve ₹10,000 crore worth of residential sales annually if the company is able to acquire land parcels consistently.
Real estate firm Prestige Estates Projects Ltd expanded its footprint in Delhi-NCR in March by acquiring 62.5 acres at Indirapuram Extension in Ghaziabad where it is planning to develop a township.
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The township project ‘Prestige City’ is expected to be launched this quarter after getting all the necessary approvals. “We bought this land parcel for more than ₹450 crore. We will be developing 10 million square feet of residential space in this large format project. There will be some components of retail and education as well,” Razack said.
Asked about the project cost, he said it should be around ₹6,000-7,000 crore.
Razack said the land has already been purchased and the construction cost will be met through collection of funds from customers against sales bookings.
“We are primarily targeting end-users and the project will offer 2, 3 and 4BHK apartments,” he said.
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About the Delhi project, Razack said that the company had bought a one acre land parcel in Central Delhi to build an ultra-luxury housing project. “Approvals are awaited,” he said.
The company had also tied up with a landowner for a housing project in Sector 150, Noida. “The project has not been launched yet but I hope Noida Authority will start giving approvals soon,” he said.
Commercial project in Delhi
The company is also constructing a commercial project in Delhi’s Aerocity and the project is expected to be completed by the end of next year.
The 7 lakh square feet office space in the Aerocity commercial project has been fully leased to marquee corporate clients, he said.
Razack also said that the company is evaluating more land parcels in Delhi-NCR to create a pipeline for future development.
“There is a huge business potential in Delhi-NCR. We can easily do sales of around ₹10,000 crore every year in Delhi-NCR,” he added.
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During 2023-24 fiscal, Prestige Estates clocks a record sales booking of ₹21,040 crore and has given a guidance of ₹24,000 crore for the current financial year. Prestige Estates recorded sales of ₹4,022.6 crore during July-September as against ₹7,092.6 crore in the year-ago period.
