Prestige Estates Projects said that it has acquired a prime land parcel admeasuring approximately 17.45 acres in Whitefield, Bengaluru, for Rs 462 crore.
The acquired land will be planned for residential development spanning approximately 2.68 million square feet of developable area.
Irfan Razack, chairman and managing director of Prestige Group, said: We are excited to expand our presence in Bengaluru with the acquisition of this prime 17.45-acre land parcel adjacent to our recently launched project - Prestige Raintree Park.
This development, projected at 2.28 million square feet represents our ongoing commitment to delivering integrated, high-quality spaces that cater to the evolving needs of modern urban living.
Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.
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The companys consolidated net profit fell 12.85% to Rs 232.6 crore in Q1 FY25 as against Rs 266.9 crore recorded in Q1 FY24. Revenue from operations grew 10.78% year on year (YoY) to Rs 1,862.1 crore in the quarter ended 30 June 2024.
The scrip fell 2.84% to currently trade at Rs 1606 on the BSE.
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