Realty firm Prestige Estates Projects Ltd is set to invest approximately ₹7,000 crore in the development of a new township in Ghaziabad, marking its expansion into the Delhi-NCR property market. Based in Bengaluru, Prestige Estates already working on a commercial project at Aerocity the national capital and has recently ventured into the Delhi-NCR housing market by acquiring three land parcels located in Delhi, Noida, and Siddharth Vihar in Ghaziabad.
Irfan Razack, Chairman and Managing Director of Prestige Group, is optimistic about the residential market in Delhi-NCR, predicting potential annual housing sales of ₹10,000 crore if the company can continue acquiring land parcels effectively. Earlier this year, Prestige Estates secured a 62.5-acre site at Siddharth Vihar, Indirapuram Extension, Ghaziabad, with plans to develop a township.
The forthcoming township project, named 'Prestige City,' is anticipated to launch this quarter after obtaining all necessary approvals. Razack mentioned that the land was acquired for over ₹450 crore, and the project will feature 10 million square feet of residential space, incorporating elements of retail and education. The overall project cost is projected to be between ₹6,000 and ₹7,000 crore.
The construction expenses will be financed through customer funds from sales bookings, with a focus on targeting end users seeking two, three, and four-bedroom apartments within this township. Prestige Estates has expressed confidence in generating revenue exceeding ₹10,000 crore from this project alone.
In addition to the Ghaziabad project, Razack highlighted plans for an ultra-luxury housing project on a one-acre site in central Delhi, pending approvals. The company also has a housing project in Sector 150, Noida, which has yet to launch due to pending approvals, although there are optimistic expectations for clearance soon.
Regarding the commercial project at Aerocity, Razack stated that hotel is expected to be completed by the end of next year, 7 lakh square feet of office space already fully leased to prominent corporate clients. The company continues to explore additional land opportunities in Delhi-NCR, foreseeing significant business potential in the region.
Prestige Group, with over three decades of experience, has established itself as one of India’s leading real estate developers. The firm has diversified its business model across various segments, including residential, office, retail, hospitality, property management, and warehousing, operating in over 13 major locations across India. As of June 2024, Prestige Group has completed 300 projects covering a developable area of 190 million square feet.
In the fiscal year 2023-24, Prestige Estates achieved record sales bookings of ₹21,040 crore, projecting ₹24,000 crore for the current financial year. Despite a decline in sales during July-September compared to the previous year, the company remains focused on its growth trajectory and expansion plans in the Delhi-NCR market.
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