Share of realty estate group Prestige soared nearly 6 per cent on Friday’s intraday trade. The company’s shares jumped 5.41 per cent on National Stock Exchange as against 0.05 per cent dip in Nifty50.
This comes on the back of the real estate company announcing the acquisition of 62.5 acres land in Indirapuram Extension, Delhi-NCR, for developing a township with a revenue potential of Rs 10,000 crore.
The acquisition, valued at Rs 468 crore including a revenue share, signifies a significant milestone for Prestige Group’s expansion in the dynamic Delhi-NCR real estate market, the company said in an exchange filing on Thursday.
The acquired land, covering a saleable area of 10 million square feet, will primarily focus on residential development, supplemented by educational and retail components.
“Extending ‘The Prestige City’ brand to NCR following its resounding success in Bengaluru, Mumbai, and Hyderabad underscores our group’s commitment to offering large-format integrated townships and developments,” he said.
Prestige Group CEO, Venkat K Narayana said that the company will be launching the project within the next two quarters and completing the development in four years.
Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development.
It has diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations across the country.
The group has completed 300 projects spanning a developable area of 188 million sq ft.
In the past six months the share price of the company has rallied over 83 per cent. Prestige had hit its 52 week high on Jan 15, 2024 at Rs 1440.
First Published: Mar 22 2024 | 10:29 AM IST