Realty stock engaged in the business of real estate development encompassing the development and construction of properties jumped 6 percent in the day’s trade upon acquiring 62.5 acres of land for Rs. 468 Crores to build the prestige city project to offer commercial and residential spaces and many more.
With a market capitalization of Rs. 43,920 Crores, the shares of Prestige Estates Projects Limited were trading at Rs.1,098, up 4.82 percent from its previous day’s close price of Rs. 1,047.95.
Prestige Estates Projects Limited has acquired 62.5 acres of land for Rs. 468 Crores. This strategic acquisition marks a significant milestone for Prestige Group as it expands its footprint in NCR’s dynamic real estate market.
This project will be branded under the successful ‘The Prestige City’ format, offering residents an unparalleled lifestyle experience in a large township with a seamless blend of residential, retail, school and recreational spaces
This large-format project spans over 10 Mn Sq. Ft. of saleable area, with a projected Gross Development Value (GDV) surpassing Rs. 10,000 Crores showcasing our commitment to diversifying our sales portfolio and expanding footprints. We look forward to launching the project within the next two quarters and completing the development in 4 years said Mr. Venkat K Narayana, Group CEO of Prestige Group.
Prestige Estate Projects Limited is engaged in the business of real estate development encompassing the development and construction of properties, leasing of office and retail Properties.
As of Q3FY24, Prestige Estate Projects Limited has completed 145 projects, 41 ongoing projects, and 26 upcoming projects in the residential segment, and in the commercial segment it has completed 121 projects, 11 projects are ongoing and there are 12 upcoming projects.
Its revenue from operations grew by 30.14 percent from Rs. 6,390 Crores in Q3FY23 to Rs. 8,315 Crores in Q3FY24, accompanied by profits of Rs. 1,215 Crores to Rs. 1,067 Crores.
Written by: Bharath K.S
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