Prestige Estates Projects Limited is a Bangalore-based real estate firm that is ready to invest around Rs. 7000 Crore to commence the development of a township project in Ghaziabad, Delhi NCR.
The name of this project is Prestige City. The Managing director and the Chairman of the Prestige group stated that he is optimistic about investing in the housing market of Delhi NCR.
According to him, the company can achieve residential sales of worth Rs. 10,000 Cr annually if they obtain land parcels frequently.
Prestige Estates Projects Limited acquired 62.5 acres of land in March to expand its footprint in the Delhi NCR. The development would be a township.
The project is anticipated to be launched after acquiring all the approvals in this quarter itself.
The cost of the project would range from Rs.6000 to Rs.7000 Cr. The land parcel was bought for more than Rs. 450 Crores. The residential space in this development would be of approximately 10 million sq ft including some components of education as well as retail in it.
The target audience of this project is end users and thus will provide 2,3 and 4 BHK flats.
It is also constructing 7 lakh sq ft of commercial project in Delhi’s Aerocity and will be ready for completion by next year’s end. This particular commercial project is leased to cater to corporate clients.
The chairman also stated that they are confident about investing in Delhi NCR as they can easily do transactions of about Rs.10,000 Cr every year from this particular region.
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