Prestige Group has acquired 17.45 acres of land in Whitefield, Bengaluru for ₹462 crore, the company said in a regulatory filing on October 28.
The acquired land will be planned for a residential development spanning approximately 2.68 mn sq ft of developable area. The cost of acquisition is around ₹462 crore, the company said in a statement.
“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 sq ft represents our ongoing commitment to delivering integrated, high-quality spaces that cater to the evolving needs of modern urban living,” said Irfan Razack, chairman and managing director of Prestige Group.
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“This strategic addition not only complements our existing project but also strengthens our vision to create transformative spaces that drive long-term value for our communities and stakeholders,” he said.
Prestige Group has completed 302 projects
The company has diversified business model across various segments — residential, office, retail, hospitality, property management and warehouses with operations in more than 13 major locations in India. Prestige Group has completed 302 projects spanning a developable area of 193 mn sq ft as of September 2024.
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Earlier this month, the company reported that its sales bookings fell 43% to ₹4,022.6 crore in the second quarter of this fiscal despite strong housing demand. It informed that it recorded sales of ₹4,022.6 crore during the July-September quarter against ₹7,092.6 crore in the year-ago period.
During the April-September period, the sales bookings declined to ₹7,052.2 crore against ₹1,100.73 crore during the corresponding period of the preceding financial year.