April 5, 2024: Real estate developer Prestige Group has acquired around 21 acre land in Whitefield, Bengaluru, the company said in a regulatory filing with the Bombay Stock Exchange (BSE). This land will be planned for residential development spanning approximately 4 million square foot (msf) of developable area, comprising around 1,800 apartments.
According to the regulatory filing, the cost of acquisition is Rs 450 crore. Irfan Razack, chairman and managing director of Prestige Group, said, “The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 msf of developable area, with a projected gross development value (GDV) of Rs 4,500 crore.”
Venkat K Narayana, group CEO of Prestige Group, said, “The project will strengthen our sales in our home market and we look forward to launching the project within the next three quarters and completing the development in 4-year time.”
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