Realty stock engaged in the business of real estate development encompassing the development and construction of properties, in focus upon making a land acquisition of 21 acres for a consideration of Rs. 450 Crores for real estate development.
With a market capitalization of Rs. 52,674 Crores, the shares of Prestige Estates Projects Limited were trading at Rs. 1,315, up 0.75 percent from its previous day’s close price of Rs. 1,305.25.
Prestige Estates Projects Limited has made a land acquisition of 21 acres in Whitefield Bengaluru, for a consideration of Rs. 450 Crores. The acquired land will be planned for Residential Development spanning approximately 4 Mn Sq.ft of developable area, comprising around 1800 apartments.
Following the land acquisition, Mr. Irfan Razack, Chairman and Managing Director of Prestige Group said, 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 Mn Sft of developable area, with a projected Gross Development Value (GDV) of Rs. 4,500 Crores.
Mr. Venkat K Narayana, Group CEO of Prestige Group, said, “The project will strengthen our sales in our home market and we look forward to launching the project within the next three quarters and completing the development in 4-year time.”
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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