New Delhi

Bengaluru-based Prestige Estates Projects Ltd is set to make a significant mark in the Delhi-NCR real estate sector with a planned investment of approximately Rs 7,000 crore to develop a new township in Ghaziabad. This initiative underlines the company's commitment to expanding its footprint in one of India's most dynamic property markets according to a detailed report by the Press Trust of India.

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Prestige Estates has already begun laying the groundwork for this ambitious project, aptly named 'Prestige City.' The company acquired a substantial land parcel of 62.5 acres at Siddharth Vihar, Indirapuram Extension, Ghaziabad, for over Rs 450 crore the PTI report elaborated further. The township is expected to encompass around 10 million square feet of residential space and will also include retail and educational components.

Irfan Razack, Chairman and Managing Director of Prestige Group, expressed optimism about the potential of the Delhi-NCR housing market. He stated that with consistent land acquisitions, the company could achieve annual housing sales worth Rs 10,000 crore. "We expect revenue exceeding Rs 10,000 crore from this project alone," Razack noted.

The launch of 'Prestige City' is anticipated within this quarter, pending necessary approvals. The project aims to cater primarily to end-users, offering a variety of options including two, three, and four-bedroom apartments. The funding for construction will primarily come from customer bookings.

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In addition to the Ghaziabad project, Prestige Estates is diversifying its portfolio in the Delhi-NCR region. The company has acquired a one-acre land parcel in central Delhi for an ultra-luxury housing project and is awaiting approvals to proceed. Furthermore, Razack mentioned a collaboration with a landowner for a housing project at Sector 150 in Noida, which has yet to be launched due to pending approvals.

Prestige Estates is also making strides with its commercial project at Aerocity in Delhi. The hotel component is expected to be completed by the end of next year i.e., 2025, while the 7 lakh square feet of office space has already been fully leased to prominent corporate clients.

Razack highlighted the vast business potential within the Delhi-NCR region, asserting that the company could easily achieve annual sales of around Rs 10,000 crore. He acknowledged the challenges of entering new markets but emphasised that thorough research into local market dynamics and customer preferences is essential for success.

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With over three decades of experience in real estate development, Prestige Group has established itself as one of India's leading developers. The company operates across various segments including residential, office, retail, hospitality, property management, and warehouses. As of June 2024, Prestige Group has completed over 300 projects covering a total developable area of approximately 190 million square feet.

Despite facing challenges in recent sales bookings, recording Rs 4,022.6 crore during July-September compared to Rs 7,092.6 crore in the same period last year, Razack remains confident about future growth. For the current financial year, Prestige Estates has set an ambitious sales guidance of Rs 24,000 crore after achieving record bookings of Rs 21,040 crore during the previous fiscal year.

As Prestige Estates moves forward with its plans for 'Prestige City,' it not only aims to enhance its presence in Ghaziabad but also reinforces its status as a key player in India's evolving real estate landscape.