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In a strategic move, Prestige Group, a listed real estate firm, has acquired 21 acres of land in Whitefield, Bengaluru, for ₹450 crore. The company announced its plans to develop a sprawling residential project encompassing 4 million square feet of developable area, comprising approximately 1800 apartments, according to a regulatory filing.
The acquisition is part of Prestige Group’s expansion strategy, with expectations of generating a revenue of ₹4500 crore over the next four years from this residential project. Irfan Razack, Chairman and Managing Director of Prestige Group, expressed enthusiasm about the opportunity, stating, “The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 million sq ft of developable area, with a projected Gross Development Value (GDV) of ₹4,500 crore.”
Venkat K Narayana, Group CEO of Prestige Group, emphasized the project’s significance in strengthening the company’s sales in its home market. He mentioned plans to launch the project within the next three quarters and complete development within four years.
Prestige Group, known for its diversified business model across residential, office, retail, hospitality, property management, and warehouses, operates in more than 12 major locations in India. With a track record of completing 300 projects spanning a developable area of 188 million sq ft, the company enjoys a high credit rating, graded CRISIL DA1+ by CRISIL and rated ICRA A+ by ICRA.
The acquisition and upcoming development in Whitefield underscore Prestige Group’s commitment to expanding its footprint and delivering quality projects in key markets, catering to the growing demand for residential spaces in Bengaluru’s thriving IT corridor.
Sources By Agencies
