Prestige Group expands Bengaluru footprint with Rs 450cr land acquisition in Whitefield

Prestige Group, a real estate developer in India, has announced a significant acquisition, securing approximately 21 acres of prime land in Whitefield, Bengaluru. The acquisition, valued at ₹450 crore, underscores the company’s strategic expansion in one of Bengaluru’s prominent IT corridors. The acquired land is earmarked for residential development, with plans to construct around 1,800 apartments covering approximately 4 million square feet of developable area.

This acquisition is pivotal for Prestige Group, aiming to bolster its presence in Bengaluru’s burgeoning real estate market. “The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor,” said Mr. Irfan Razack, Chairman and Managing Director of Prestige Group. The anticipated Gross Development Value (GDV) of the project is projected at ₹4,500 crore, reflecting the scale and potential impact of this development on the local market.

Venkat K Narayana, Group CEO of Prestige Group, highlighted the project’s significance for the company’s portfolio, stating, “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.” This statement underlines the group’s commitment to delivering high-quality residential options to meet the growing demand in Bengaluru, especially among professionals working in the IT sector.

Prestige Group has been renowned for its commitment to excellence in design, execution, and customer service, ensuring that each project reflects its core values of innovation, integrity, and trust. The new development in Whitefield is expected to follow these standards, offering future residents a blend of modern living spaces within a vibrant community setting.

The Prestige Group’s acquisition in Whitefield is a strategic move that capitalizes on the growing demand for quality residential spaces in Bengaluru’s IT corridors. Given the company’s track record of successful developments, this project is poised to contribute significantly to the local real estate landscape, offering ample opportunities for both investors and homebuyers.