The real estate market in Delhi-NCR is witnessing tremendous demand in recent days, as people are buying houses in major areas. Observing the surging demand for residential properties, developers from outside the region are also becoming interested in Delhi-NCR. Major developers like Signature Global, TARC, Godrej Group, DLF, and Max Estates are launching new projects one after another to meet this rising demand. Now, a new player from the southern state has joined the list Bengaluru-based Prestige Estates. The company is planning to invest a whopping Rs 7,000 crore to develop a township in Ghaziabad, focusing on a luxury housing project. Prestige Estates is also planning to expand its business in the Delhi-NCR real estate market and is already working on a commercial project in Delhi’s Aerocity.
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Acquisition of Three Plots
Prestige Estates has recently stretched its presence into the Delhi-NCR property market, marking their debut with the acquisition of three strategic land plots in Delhi, Noida, and Ghaziabad’s Siddharth Vihar. Enthusiastically sharing his perspective on the regional real estate scenario, Irfan Razack, the head of the Prestige Group, projected a promising housing market growth.
As per Irfan consistent land purchase could pave the way for the firm to make home sales up to a whopping Rs 10,000 crore each year. In March this year, Prestige Estates purchased 62.5 acre land in Siddharth Vihar and Indirapuram Extension in Ghaziabad, with the vision of developing a burgeoning township.
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Project Expected to Begin Very Soon
After obtaining all necessary approvals, the township project, ‘Prestige City,’ is expected to commence within this quarter.
Revealing the project cost Razak mentioned that it would be around Rs 6,000-7,000 crore. Notably, the land has already been acquired by the company and the construction costs will be covered through customer funds raised via sales bookings.
