This Bangalore based realty company enters NCR, will build luxury housing project by investing 7,000 crores

There is tremendous demand in the real estate market of Delhi-NCR. Due to this, developers from outside NCR are now entering here. Developers like Godrej Group, DLF, Signature Global, TARC and Max Estates are launching new projects one after the other. Now a new name has been added to this list. That is of Bengaluru-based company Prestige Estates, which will invest about Rs 7,000 crore to develop a township in Ghaziabad. The company will build a luxury housing project here. The company wants to expand its business in the property market of the National Capital Region-Delhi. Bengaluru-based Prestige Estates is building a commercial project in Aerocity of the national capital.

The company has purchased three plots

The company has entered the housing market of Delhi-NCR by acquiring three pieces of land in Delhi, Noida and Siddharth Vihar in Ghaziabad. Irfan Razak, Chairman and Managing Director (CMD) of Prestige Group, is optimistic about the housing market of Delhi-NCR. He said that if the company is able to acquire land continuously, then there is a possibility of selling housing worth Rs 10,000 crore annually. In March, Prestige Estates Projects acquired 62.5 acres of land in Siddharth Vihar, Indirapuram Extension, Ghaziabad to develop a township.

Project work expected to start this quarter

The township project ‘Prestige City’ is expected to start in this quarter after getting all the necessary approvals. When asked about the project cost, he said that it would be around Rs 6,000-7,000 crore. Razak said that the land has already been purchased and the construction cost will be met by raising funds from customers on the basis of sale bookings.