Prestige Estate Acquired Land Worth Rs 292 Crore In Mumbai

One of the top real estate developers in the nation, Prestige Group operates in more than 13 significant Indian locations and has a diversified business strategy spanning multiple industries, including residential, office, retail, hospitality, property management, and warehouses. As of September 2024, the group had finished 302 projects with a total developable area of 193 m2 sq ft. The company has an ICRA A+ credit rating and has been given a CRISIL DA1+ grade.

Prestige Group paid Rs. 291.58 crore to purchase land

Prestige Group, a Bengaluru-based company, announced in a regulatory filing that it has paid Rs. 291.58 crore to develop a housing project on 22,135 square meters of land, including all rights, located adjacent to the western expressway in Mumbai’s Mira Bhayandar Municipal Corporation. According to the statement, the purchased land will be used for residential construction covering about one million square feet of carpet area.

The Prestige Group arrived in Mumbai

“We are excited to announce that we have expanded our presence in Mumbai by acquiring this land parcel with all of its rights. This project, which is expected to have a carpet area of one million square feet, demonstrates our dedication to expanding our presence in the Mumbai area and satisfying the changing needs of contemporary city life. Our goal of developing transformative spaces that provide long-term value to our stakeholders and communities will be furthered by this strategic addition, according to Irfan Razack, chairman and managing director of Prestige Group.

Acquisition of Land by the Prestige Group in 2024

In six major Indian cities, more than 100 land deals totalling about 1,700 acres were finalized between January and September 2024, according to a report published by real estate firm CBRE. The volume of land deals increased by 65% year over year, according to the report, in contrast to the more than 60 deals completed during the same time last year.

The stock of Prestige Estates Projects Limited is a little lower

The stock of Prestige Estates Projects Limited is currently trading at Rs. 1,539.60 per share, which is a slight decrease from the stock’s peak price of Rs. 1,590.00 per share.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.