Prestige Estates Expands in Delhi-NCR with ₹7,000 Crore Ghaziabad Township

Prestige Estates Projects Ltd, a real estate firm, plans to invest around ₹7,000 crore to develop a township in Ghaziabad to grow in the Delhi-NCR property market. 

The Bengaluru-based company also works on a commercial project in Aerocity, Delhi. Additionally, Prestige Estates has entered the Delhi-NCR housing market by purchasing land in Delhi, Noida, and Siddharth Vihar, Ghaziabad. Chairman and Managing Director Irfan Razack is optimistic about the region’s residential market, noting that the company could achieve housing sales of ₹10,000 crore annually if it regularly acquires land.

When asked about the project’s cost, Irfan Razack said it is expected to be around ₹6,000-7,000 crore. He explained that the land has already been purchased, and construction costs will be covered through customer payments from sales bookings. The township will primarily target end-users, offering two, three, and four-bedroom apartments.

When acquiring the land, Prestige Estates projected that the project could generate more than ₹10,000 crore in revenue. Regarding other projects in Delhi-NCR, Razack shared that the company has acquired a one-acre plot in central Delhi to develop an ultra-luxury housing project, which is pending approval. A few years ago, Prestige also partnered with a landowner for a housing project in Sector 150, Noida, but it hasn’t launched yet due to pending approvals. Razack is hopeful that the Noida authority will soon grant the necessary approvals.

Regarding the commercial project at Aerocity, Delhi, Razack mentioned that the hotel should be completed by the end of next year. He added that the 7 lakh square feet of office space in Aerocity has been fully leased to prestigious corporate clients. The company is also exploring more land parcels in Delhi-NCR to prepare for future developments, recognising the region’s vast business potential. Razack believes Prestige could achieve around ₹10,000 crore in annual sales in Delhi-NCR alone.

Irfan Razack explained that the company carefully studies local market trends and customer preferences before expanding into new regions when asked about the challenges of entering new markets.

As of June 2024, Prestige Group has completed 300 projects, covering a total developable area of 190 million square feet. In the 2023-24 fiscal year, Prestige Estates achieved a record sales booking of ₹21,040 crore and has set a target of ₹24,000 crore for the current financial year.

In the July-September period, Prestige Estates reported sales of ₹4,022.6 crore, down from ₹7,092.6 crore in the same period last year. For the April-September period, the company’s sales bookings dropped to ₹7,052.2 crore compared to ₹11,007.3 crore during the same time last year.

About Prestige Estates 

Prestige Group, one of India’s top real estate developers, has a legacy of over 30 years in the industry. The company has a diversified business model that spans several segments, including residential, office, retail, hospitality, property management, and warehouses. It operates in more than 13 major locations across the country.

On October 21, 2024, Prestige Estates Projects Limited’s share price opened at ₹1,773.00 and touched the day high of ₹1,786.00 at 09:58 AM.

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