New Delhi : Prestige Estates Projects Ltd, a prominent realty firm based in Bengaluru, is set to invest approximately Rs 7,000 crore to develop a new township named 'Prestige City' in Ghaziabad, further expanding its footprint in the Delhi-NCR property market.
This initiative follows the company's acquisition of three land parcels in Delhi, Noida, and Siddharth Vihar, Ghaziabad, demonstrating its commitment to residential projects in the region. Chairman and Managing According to PTI, Director Irfan Razack expressed optimism about the Delhi-NCR residential market, suggesting potential annual housing sales could reach Rs 10,000 crore with consistent land acquisitions.
Developments Plans Focused on Residential, Commercial Projects
In March, Prestige acquired 62.5 acres in Siddharth Vihar for over Rs 450 crore, aiming to develop around 10 million square feet of residential space, along with retail and educational components.
Irfan Razack indicated that the project, anticipated to launch this quarter pending necessary approvals, will primarily target end users, offering two, three, and four-bedroom apartments. The company expects to generate over Rs 10,000 crore in revenue from this venture. In addition to the Ghaziabad township, Prestige is working on an ultra-luxury housing project in central Delhi, pending approvals, and has a housing project planned in Sector 150, Noida, also awaiting authorization.
The director of the film also expressed confidence that approvals for the Noida project would be granted soon. Prestige is also making strides in the commercial sector, with a project at Aerocity, Delhi, where a hotel is expected to be completed by the end of next year. Notably, seven lakh square feet of office space within this project has been fully leased to notable corporate clients.
Prestige Group Eyes Rs 10,000 Crore Annual Sales in Delhi-NCR
Looking ahead, Irfan Razack highlighted the vast business potential in Delhi-NCR, indicating that the company could achieve Rs 10,000 crore in sales annually. He emphasized the importance of understanding local market dynamics and customer preferences when entering new regions. With over three decades of experience, the Prestige Group has diversified its operations across residential, office, retail, hospitality, property management, and warehousing sectors.
By June 2024, the group had completed 300 projects, covering a developable area of 190 million square feet. Despite a recent decline in sales bookings, the company reported record sales of Rs 21,040 crore for the 2023-24 fiscal year, with a target of Rs 24,000 crore for the current year.
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