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Prestige Estates Projects Ltd plans to invest INR 10,000 crore over six years to develop a 62.5-acre township, 'Prestige City, Indirapuram,' in Ghaziabad-its first residential venture in Delhi-NCR. The 10 million sq ft project will include 4,041 residential units and an 8 lakh sq ft mall, with Phase 1 launching 3,421 units and a sales potential of over INR 9,000 crore. Despite a 19% dip in FY24 sales bookings due to project delays, the company saw a 36% rise in average price realisation. With over 300 completed projects, Prestige's new venture signals a strategic push into North India's real estate market.
Prestige Estates Projects Ltd has outlined plans to invest around INR 10,000 crore over the next six years to develop a 62.5-acre township in Ghaziabad, Uttar Pradesh. The Bengaluru-based developer announced its first residential project in the Delhi-NCR market, named 'Prestige City, Indirapuram', shortly after launching a commercial project at Aerocity, Delhi, comprising hotels and office spaces. Advertisement
The project, being developed as a joint venture, will cover approximately 10 million square feet, including 4,041 residential units and a shopping mall of around 8 lakh square feet. Revenue sharing has been agreed upon with the landowner for the joint development. In the first phase, the company has launched 3,421 units with a projected sales potential of over INR 9,000 crore. The overall gross development value of the project is expected to reach approximately INR 12,000 crore.
Prestige Estates, with a legacy spanning over three decades, has successfully delivered more than 300 projects across various segments, including residential, commercial, retail, hospitality, and mixed-use developments. However, the firm recently reported a decline in sales bookings for the previous fiscal year, attributing the drop to delays in project approvals. Sales bookings fell by 19 per cent to INR 17,023 crore against a guidance of INR 24,000 crore, while sales volume decreased by 38 per cent to 12.58 million square feet, with a total of 5,919 units sold.
Despite the drop in sales bookings, the average realisation for apartments, villas, and commercial properties increased by 36 per cent to INR 14,113 per square foot, and plot sale realisation surged by 50 per cent to INR 7,167 per square foot.
Source - PTI
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