Prestige Estates shares jump nearly 7% on acquiring land in Ghaziabad for township project

Prestige Estates Projects Ltd shares jumped nearly 7% on Friday after the company announced acquiring 62.5 acres land for ₹468 crore in Delhi-NCR for a township project.

In a stock exchange filing, the real estate developer said that it has acquired a prime land piece of 62.5 acres at Indirapuram Extension in Ghaziabad, at a cost of ₹468 crore.

With this strategic acquisition, the Prestige Group company forays into the dynamic real estate market of Delhi-National Capital Region.

The land acquired by the company in Indirapuram Extension will mainly be developed as a residential township project.

The company said that the project will be branded under the successful format of ‘The Prestige City’, offering an unparalleled lifestyle experience to the residents in a large township.

The township will have a seamless blend of residential, retail, school and recreational spaces, the company informed the stock exchanges.

The aforementioned large-format project will span over a saleable area of more than 10 million square feet, having a projected Gross Development Value (GDV) of over ₹10,000 crore. The project will likely be launched within the next two quarters, while the development is set to be completed in a period of 4 years.

The investment put in by Prestige Group underlines the company’s confidence in the potential of NCR’s real estate market.

“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,” said the Chairman and Managing Director of Prestige Group, Irfan Razack.

Shares of Prestige Estates Projects were trading 4.55% higher at ₹1,096.41 apiece on the NSE at 1:50 pm.