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Prestige Group Expands NCR Presence With Rs 5,600 Crore Gurgaon Project
Prestige Group, a real estate company, bought land in Gurgaon for a new housing project.
The land covers 17.14 acres in Sector 109.
The planned project could offer nearly 2.8 million square feet of homes or other saleable space.
The company estimates that the project could be worth about Rs 5,600 crore in total development value.
The location is near Dwarka Expressway and other important areas.
Prestige Group said the project will strengthen its business in the National Capital Region.
Investors reacted positively, and the company’s shares rose more than 2% during Thursday’s trading.
The company’s chairman said the project shows confidence in the region’s long-term potential.
Prestige Group acquired a 17.14-acre land parcel in Sector 109, Gurgaon, Haryana.
The residential project is expected to have nearly 2.8 million square feet of saleable area.
The project’s estimated gross development value is nearly Rs 5,600 crore.
Prestige Group said the site connects to Dwarka Expressway and other key locations in Delhi and Gurgaon.
Prestige Group shares rose more than 2% intraday on Thursday after the announcement, and were up nearly 16% over one month.
- Who
- Prestige Group, its Chairman and Managing Director Irfan Razack, and the company’s investors.
- What
- Prestige Group acquired a 17.14-acre Gurgaon land parcel for a residential project with an estimated gross development value of nearly Rs 5,600 crore.
- Where
- Sector 109, Gurgaon, Haryana, in the National Capital Region.
- When
- The announcement was followed by a more-than-2% intraday share-price rise on Thursday; the articles do not provide a calendar date.
- Why
- The acquisition is intended to expand Prestige Group’s NCR residential pipeline and strengthen its presence in the region.
Key facts
- Company
- Prestige Group, a Bengaluru-based real estate developer
- Location
- Sector 109, Gurgaon, Haryana
- Land area
- 17.14 acres
- Saleable area
- Nearly 2.8 million square feet
- Estimated GDV
- Nearly Rs 5,600 crore
- Connectivity
- The site provides connectivity to Dwarka Expressway and key locations across Delhi and Gurgaon
- Share performance
- Shares rose more than 2% intraday on Thursday; the stock gained nearly 16% over one month and around 21% over six months
Quotes
Prestige Group
The real estate company issuing the exchange filing
“This acquisition further strengthens Prestige Group’s presence in the National Capital Region and adds significant scale to its residential pipeline in the north. The strategic location, coupled with the region’s robust residential demand and ongoing infrastructure development, makes this an important addition to the Group’s NCR portfolio.”
financialexpress.com
“With a strong portfolio of developments planned across NCR in FY27, we are steadily building scale and depth in the region. This new project in Sector 109, Gurgaon, further strengthens our pipeline and reflects our confidence in the long-term potential of NCR.”
financialexpress.com
Sources
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