Prestige Group has acquired 17.45 acres of land in Whitefield, Bengaluru for ₹462 crore, the company said in a regulatory filing on October 28.
The acquired land will be planned for a residential development spanning approximately 2.68 mn sq ft of developable area. The cost of acquisition is around ₹462 crore, the company said in a statement.
“We are excited to expand our presence in Bengaluru with the acquisition of this prime 17.45-acre land parcel adjacent to our recently launched project – Prestige Raintree Park. This development, projected at 2.28 million sq ft represents our ongoing commitment to delivering integrated, high-quality spaces that cater to the evolving needs of modern urban living,” said Irfan Razack, chairman and managing director of Prestige Group.
Also Read: Prestige Estates eyeing four project launches across Mumbai and Bengaluru in Q2 FY25
“This strategic addition not only complements our existing project but also strengthens our vision to create transformative spaces that drive long-term value for our communities and stakeholders,” he said.
Prestige Group has completed 302 projects
The company has diversified business model across various segments — residential, office, retail, hospitality, property management and warehouses with operations in more than 13 major locations in India. Prestige Group has completed 302 projects spanning a developable area of 193 mn sq ft as of September 2024.
Also Read: Prestige Estates plans to launch 43 real estate projects across segments in seven cities
Earlier this month, the company reported that its sales bookings fell 43% to ₹4,022.6 crore in the second quarter of this fiscal despite strong housing demand. It informed that it recorded sales of ₹4,022.6 crore during the July-September quarter against ₹7,092.6 crore in the year-ago period.
During the April-September period, the sales bookings declined to ₹7,052.2 crore against ₹1,100.73 crore during the corresponding period of the preceding financial year.
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