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Private Sector | Karnataka - India | PID: 202738
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The Prestige Group has acquired 21 acres of land in Bengaluru, for Rs 450 crore to develop a housing project. The project is expected to generate revenue of Rs 4,500 crore over the next four years.
The acquired land is located in Whitefield, and will be earmarked for residential development. This large-format project spans over four million sq. ft. of developable area, with a projected gross development value (GDV) of Rs 4,500 crore. The project will offer about 1,800 apartments. Besides, the prime land in Whitefield presents a strong opportunity for the developer to expand its presence in the IT corridor, and strengthen its sale portfolio in the home turf.
The real estate developer expects to launch the project within the next three quarters, and completion is anticipated in four years. Prestige Group has a diversified business model across residential, office, retail, hospitality, property management, and warehouses with operations in more than 12 major locations in India.
| Updated on: 11 - Apr - 2024
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