[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
Prestige Group, a real estate development company, has acquired approximately 17.45 acres of land in Whitefield, Bengaluru, for Rs 462 crore. The newly acquired land has the potential to develop over 2.68 million square feet for a residential project, according to the company.βWe are excited to expand our presence in Bengaluru with the acquisition of this prime 17.45-acre land parcel adjacent to our recently launched project – Prestige Raintree Park. This strategic addition not only complements our existing project but also strengthens our vision to create transformative spaces that drive long-term value for our communities and stakeholders,β said Irfan Razack, chairman and Managing Director of Prestige Group. The Bengaluru-based company has been actively acquiring land either through joint ventures or outright purchases to develop large residential projects. In March, the real estate development firm acquired 62.5 acres of prime land in Indirapuram Extension, NCR for Rs 468 crore.Prestige plans to have at least 50 million square feet of projects under pipeline annually over the next three to five years across major cities such as Mumbai, Bangalore, Pune, Chennai, Delhi-NCR and Hyderabad. In the last six quarters, the company acquired land worth over Rs 6,000 crore across Delhi-NCR, Mumbai, Hyderabad and Bengaluru.The Indian real estate market has seen a resurgence, resulting in heightened interest from property developers in acquiring land parcels, with a 65% year-on-year increase in land transaction volumes until September this year. The residential segment has led the demand. In the nine months, more than 1,700 acres of land were transacted in metropolitan and peripheral regions, mentioned CBRE. During the first nine months of the year, land activity was spread across a diverse range of segments with residential assets accounting for 61% of the deal volume. The Industrial & Logistics (I&L) segment followed, making up 13% of the total land deals, mentioned by CBRE.Separately, Prestige Group has operations across 13 major locations in India. The Group has completed 302 projects spanning a developable area of 193 million sq ft as of September2024. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.
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