Prestige Estates to Invest Rs 7,000 cr to Develop Township in Ghaziabad

Realty company Prestige Estates Projects Ltd will invest round Rs 7,000 crore to increase a township in Ghaziabad as it appears to expand commercial enterprise in Delhi-NCR belongings market.

Bengaluru-primarily based Prestige Estates is building a business undertaking at Aerocity within the country wide capital. It has also forayed into Delhi-NCR housing marketplace with the aid of acquiring 3 land parcels in Delhi, Noida and Siddharth Vihar, Ghaziabad.

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Prestige Group Chairman and Managing Director Irfan Razack is bullish on Delhi-NCR residential market and said there is a capacity to reap Rs 10,000 crore well worth of housing income annually if the agency is able to collect land parcels continuously.

In March, Prestige Estates Projects received 62.5 acres at Siddharth Vihar, Indirapuram Extension, Ghaziabad to increase a township.

The township task ‘Prestige City’ is predicted to be released this region upon getting all the vital approvals.

“We sold this land parcel for greater than Rs 450 crore. We might be growing 10 million square feet of residential area in this large layout task. There could be a few factor of retail and schooling as properly,” Razack stated.

Asked approximately project value, he said it have to be around Rs 6,000-7,000 crore.

Razack stated the land has already been purchased and the development fee can be met thru collection of budget from clients against sales bookings.

He said the corporation would be focused on stop customers in the main, imparting , three and 4 bed room residences on this township mission.

At the time of land acquisition, Prestige Estates had said that the agency expects sales of extra than Rs 10,000 crore from this mission.

Asked about other housing tasks in Delhi-NCR, Razack stated the organisation has offered one acre land parcel in imperative Delhi to develop an ultra-luxurious housing assignment. The agency is watching for approvals.

That aside, he stated the agency few years in the past tied up with a landowner for a housing task at Sector a hundred and fifty, Noida.

He stated the Noida challenge has not been launched but inside the absence of approvals, but hoped that the Noida authority could quickly start giving approvals in Sector one hundred fifty Noida.

On the industrial task at Aerocity, Delhi, Razack said the inn might be finished by means of stop of the following 12 months.

He stated the 7 lakh rectangular toes office area in the Aerocity commercial mission has been completely leased to marquee company customers.

Razack said the employer is comparing extra land parcels in Delhi-NCR to create pipeline for destiny development.

“There is a massive business potential in Delhi-NCR. We can without problems do sales of around Rs 10,000 crore each year in Delhi-NCR,” he said.

Asked about challenges in entering a new marketplace, Razack stated the corporation studies neighborhood market dynamics and customers choice earlier than foraying into new geographies.

Prestige Group, one of the leading real estate developers in the united states of america, has a legacy of over three many years in real property improvement.

It has varied commercial enterprise version throughout numerous segments — residential, office, retail, hospitality, assets management and warehouses with operations in greater than thirteen main places in India.

The Prestige Group has finished 300 tasks spanning a developable vicinity of 190 million rectangular ft as of June 2024.

During 2023-24 financial, Prestige Estates clocks a record sales reserving of Rs 21,040 crore and has given a steering of Rs 24,000 crore for the present day financial yr.

Prestige Estates recorded sales of Rs four,022.6 crore at some stage in July-September as in opposition to Rs 7,092.6 crore in the year-in the past period.

During April-September, the employer’s sales bookings fell to Rs 7,052.2 crore as in opposition to Rs 11,007.3 crore in the corresponding duration of the previous yr.

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