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The shares of one of the leading real estate developers gained nearly 7.4 percent to ₹1,256.10 per share after it secured ₹2,001 crore investment deal with ADIA and Kotak AIF. 

On Monday’s trade, At 11:45 a.m., Prestige Estates Projects Ltd shares were trading at ₹1,234 per share, up 5.44 percent on the National Stock Exchange. The company has a market capitalization of ₹49,450 crore. 

According to the company’s filing, Prestige Group partnered with ADIA and Kotak AIF in a landmark agreement totaling ₹2,001 crore (~$240 Million), aiming to capture growth opportunities in the residential sector. This initiative involves the development of projects with a Gross Development Value (GDV) of ₹18,000 crore across more than four cities. 

Prestige Estate Projects is in the business of real estate development encompassing the development and construction of properties, and leasing of office and retail properties. 

The Group has completed 300 projects spanning a developable area of 188 mn sft. The company has been graded CRISIL DA1+ by CRISIL and enjoys a credit rating of ICRA A+. 

Prestige Estates Projects Ltd’s revenue has decreased by 22 percent yearly, from ₹2,317 crore in Q3FY23 to ₹1,796 crore in Q3FY24. During the same period, net profit increased by 2 percent, from ₹ 162 crore to ₹165 crore. 

The company stock has gained a 100 percent return in six months and a 200 percent return in the last 12 months of last year. 

In March 2024, Prestige Estates Projects Limited completed the acquisition of 62.5 acres of land for ₹468 Crores, to expand its presence in the dynamic real estate market of the National Capital Region (NCR). 

As of the third quarter of fiscal year 2024, the company is currently engaged in 56 ongoing projects and has 47 upcoming planned projects, totaling 77 million square feet. During this quarter, the company achieved its highest-ever launch of over 30 million square feet in the first nine months, comprising more than 11,000 units.

Additionally, the company launched its largest single project, spanning over 12 million square feet in Hyderabad, and completed three projects in the same period. 

Written by Omkar Chitnis 

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