Prestige Group significant acquisition in Indirapuram Extension, NCR

Prestige Group, a renowned real estate development firm, has made a significant acquisition in Indirapuram Extension, NCR. Here are the key details:

Land Area: The group has acquired 62.5 acres of prime land in Indirapuram Extension, Ghaziabad 12.

Acquisition Cost: The total cost of this acquisition is ₹468 crore.

Revenue Share: The deal includes a revenue-sharing arrangement with the landlord.

Project Scope:

The project spans over an impressive 10 million square feet of saleable area.

The projected Gross Development Value (GDV) for this venture exceeds ₹10,000 crore.

The Prestige Group aims to create an integrated urban community that redefines modern living.

The development will primarily focus on residential spaces, education, and retail facilities.

The project will be branded under the successful ‘The Prestige City’ format, following its success in Bengaluru, Mumbai, and Hyderabad.

Timeline:

The group plans to launch the project within the next two quarters.

The entire development is expected to be completed in approximately 4 years.

Diversified Portfolio:

Prestige Group operates across 13 major locations in India.

They have completed over 300 projects, covering more than 180 million square feet across various segments, including residential, office, and retail spaces.

Currently, the company has 56 ongoing projects with a total developable area of 86 million square feet.

Additionally, they are planning 43 projects spanning 85 million square feet and hold a land bank of over 728 acres as of September 2023.

Credit Rating:

The company has been graded CRISIL DA1+ by CRISIL and enjoys a credit rating of ICRA A+.

This strategic acquisition reinforces Prestige Group’s commitment to expanding its footprint in the NCR real estate market and creating exceptional living spaces for residents