Prestige Group has purchased 17.45 acres of land in Whitefield, Bengaluru, for ₹462 crore, the company announced in a regulatory filing on October 28.
The land will be developed into a residential project with an estimated developable area of approximately 2.68 million square feet, as published by the Hindustan Times.
Irfan Razack, chairman and managing director of Prestige Group, expressed enthusiasm about the acquisition, stating, “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.”
Razack added that this strategic addition not only complements the existing project but also enhances the company’s vision of creating transformative spaces that provide long-term value for communities and stakeholders.
As of September 2024, Prestige Group has completed 302 projects across various segments, including residential, office, retail, hospitality, property management, and warehouses, with operations in more than 13 major locations in India. The company has developed a total of 193 million square feet.
Despite a robust housing demand, Prestige Group reported a 43% decline in sales bookings for the second quarter of the fiscal year, totaling ₹4,022.6 crore, down from ₹7,092.6 crore in the same period last year. For the April-September period, sales bookings fell to ₹7,052.2 crore, compared to ₹11,007.3 crore during the corresponding period in the previous financial year.