Prestige Estates Projects rallied 5.17% to Rs 1102.15 after the company's subsidiary acquires 62.5 acres of prime land in Indirapuram Extension, Ghaziabad, NCR.
The acquired land will be developed primarily as residential, complemented by education and retail aligning with Prestige Group's vision to create integrated urban communities that redefine modern living. 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.The cost of acquisition amounts to Rs 468 crore, along with a revenue share. The investment underscores Prestige Group's confidence in the potential of the NCR market and its long-term commitment to creating enduring value for stakeholders.
Irfan Razack, chairman and managing director of Prestige Group, stated, we are excited about acquiring this prime land in NCR, presenting an excellent opportunity for Prestige Group to strengthen its presence in the region. Extending 'The Prestige City' brand to NCR following its resounding success in Bengaluru, Mumbai, and Hyderabad underscores our group's commitment to offering large-format integrated townships and developments. With our proven track record of delivering iconic developments, we are confident that The Prestige City Indirapuram will set new benchmarks in this geography.
Venkat K Narayana, Group CEO of Prestige Group, emphasized, This large-format project spans over 10 Mn Sq. Ft. of saleable area, with a projected Gross Development Value (GDV) surpassing Rs 10,000 crore 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.
Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.
The companys consolidated net profit decreased 9% to Rs 116.3 crore in Q3 FY24 as against Rs 127.8 crore reported in the same period last year.Revenue from operations declined 22.49% year on year (YoY) to Rs 1,795.8 crore in the quarter ended 31 December 2023.
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