Prestige Estates Plans Luxury Housing Project in Delhi, Expects Sales Surge
Prestige Estates announces new luxury housing project in Delhi
Prestige Estates Projects Ltd., led by Chairman and Managing Director Irfan Razack, has revealed plans for an exclusive residential development in central Delhi. The company has partnered with a local realty firm to bring this project to fruition. The announcement was made at the CREDAI-NATCON event, marking an exciting new chapter for Prestige Estates.
Prestige Estates expands its presence in the Delhi-NCR market
Prestige Estates is no stranger to the Delhi-NCR market, already working on a commercial project in Aerocity, Delhi. This venture encompasses two grand hotels and is slated for completion by 2025-26. Additionally, the company is collaborating with ACE group on a mid-income housing project in Sector 150 Noida, pending approval. These strategic expansions highlight Prestige Estates’ commitment to catering to the diverse needs of Delhi-NCR residents.
Prestige Estates enters joint development agreement for high-end development in KG Marg
Prestige Estates, a key player in the Real Estate Management & Development industry, has entered into a joint development agreement with TDI for a prestigious project in KG Marg, Delhi. The associated debt for this one-acre project was settled through an initial payment to Indiabulls. Currently in the planning and approval stages, the project is expected to be launched within this fiscal year, reflecting Prestige Estates’ dedication to delivering upscale developments.
Prestige Estates poised for significant sales growth
Razack expressed the company’s strong interest in pursuing additional residential projects within the Delhi-NCR area. With the high demand for residential properties, Prestige Estates anticipates a remarkable 55% increase in sales bookings this fiscal year, aiming to reach a record-breaking figure of Rs 20,000 crore. This projection follows a successful previous fiscal year, where the company achieved sales bookings of Rs 12,931 crore, showcasing its consistent growth and market dominance.
Expanding horizons for Prestige Estates
In the second half of this fiscal year, Prestige Estates has an ambitious launch plan across major cities including Bengaluru, Hyderabad, Chennai, and Mumbai. The company is also set to unveil luxury housing projects in Goa and Delhi. In the first half of this fiscal year alone, Prestige Estates sold a staggering 10.7 million square feet area for Rs 11,007 crore and launched 16.20 million square feet of area, reinforcing its position as a leading real estate developer.
Prestige Group’s extensive portfolio and financial strength
Prestige Group boasts a wide operational reach, with projects spanning over 12 major locations in India. The company has successfully completed 285 projects, covering a developable area of 170 million square feet, and currently has 54 ongoing projects. It’s worth noting that Prestige Estates has maintained dividend payments for 13 consecutive years, underscoring its financial stability and commitment to rewarding shareholders.
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