Latest news with #ThePrestigeCity
Mint
08-05-2025
- Business
- Mint
NCR is an important market for Prestige, says chairman Irfan Razack
Bengaluru: Prestige Group, one of the fastest growing real estate firms, has entered the National Capital Region (NCR) residential property market as it looks to broaden its presence across geographies. The Bengaluru developer has launched the first phase of 'The Prestige City' – a 62.5 acre, mixed-use township in Ghaziabad's Indirapuram Extension. The project, which will have a total gross development value (GDV) of ₹ 12,000 crore, is Prestige's biggest launch this year. The real estate firm said it had already sold around 1,200 units for around ₹ 3,000 crore within a week of launching the project. The Delhi-NCR property market is not entirely new for the Prestige Group. It is currently developing a mixed-use project at Delhi's Aerocity. The project will have two hotels under the 'St Regis' and 'Marriott Marquis' brands, along with convention and office space. Prestige now wants to make it big as a residential developer in the market. 'NCR is an important market for us. Each property market has its own nuances, price points and customer preferences and we have to plan projects accordingly. The location of a project is also a key factor. I think we have priced the Indirapuram project sensibly, and it has found favour among customers,' Prestige Group's chairman and managing director Irfan Razack told Mint in an interview. The apartments at Prestige City-Indirapuram are priced between ₹ 1.5 crore and ₹ 4 crore. It will also have villaments, and 4000-6000 sq ft penthouses. Unlike MMR, a property market that it entered a little over three years ago, where sourcing land is an issue, Prestige pursued the redevelopment route to expand its portfolio. Razack said in the NCR market, it will look to build the business through greenfield projects. It will do a mix of outright land buying and joint developments. Besides the Indirapuram project, Prestige plans to develop a niche luxury project in KG Marg, Delhi, going forward, and has another project lined up in Noida's Sector 150. Both projects need to receive regulatory approvals. 'We are looking at more opportunities in Gurugram, Delhi and other places, but we will acquire land only if it makes sense to us,' Razack said. Prestige's entry into NCR, once India's largest property market, is during a time when residential sales have been strong, and large, branded developers have gained market share. In NCR, Prestige will compete with the likes of DLF Ltd, India's largest real estate firm in Gurugram, and Godrej Properties Ltd in Noida, among others.
Time of India
07-05-2025
- Business
- Time of India
Prestige Estates shares in focus after Rs 3,000 crore debut in NCR with The Prestige City
Live Events Prestige Estates share price target Prestige Estates share price performance Shares of Prestige Estates Projects are expected to remain in focus on Wednesday after the company clocked over Rs 3,000 crore in sales within a week of launching its first residential project in the National Capital Region (NCR). The project, The Prestige City , located in Indirapuram, sold 1,200 units during the initial launch marks the Bengaluru-based developer's debut in NCR's residential market. The company attributed the strong response to its brand equity, strategic location, and growing demand for premium residential communities in urban across 62.5 acres in Indirapuram Extension along National Highway 24, the current launch includes two phases—Oakwood and Mulberry—offering 3,421 homes across 19 towers.A third phase, Mayflower, is in the pipeline and will further expand the residential offering. The larger township will also feature a Forum Mall spanning 1.18 million sq ft, adding retail and entertainment options to the integrated development.'We are delighted with the overwhelming response to our first residential project in NCR. The year ahead is particularly exciting, with significant launches planned across Bengaluru, Chennai, Goa, NCR, Mumbai, and Hyderabad,' said Irfan Razack, Chairman and Managing Director, Prestige to Trendlyne data, the average target price for the stock is Rs 1,656, implying an upside of 24% from current levels. The consensus recommendation from 19 analysts remains a 'Buy'.On Tuesday, Prestige Estates shares closed 3.9% lower at Rs 1,330.70 on the BSE, while the benchmark Sensex declined 0.19%. The stock has fallen 20% year-to-date but has gained 172% over the past two years. Its current market capitalisation stands at Rs 57,317 crore.
Business Upturn
06-05-2025
- Business
- Business Upturn
Prestige Estates shares in focus tomorrow as debut NCR project records blockbuster Rs 3,000 crore sales in a week
Shares of Prestige Estates Projects Ltd are expected to be in focus during Tomorrow's (May 7, 2025) trade after the company announced a blockbuster debut in the National Capital Region (NCR) with its maiden residential project. By Markets Desk Published on May 6, 2025, 17:18 IST Shares of Prestige Estates Projects Ltd are expected to be in focus during Tomorrow's (May 7, 2025) trade after the company announced a blockbuster debut in the National Capital Region (NCR) with its maiden residential project, The Prestige City, Indirapuram, clocking ₹3,000 crore worth of sales within just one week of launch. According to a press release filed with the stock exchanges, Prestige sold over 1,200 units in the project, marking a strong customer response to its first-ever residential launch in NCR. The success, achieved across its Oakwood and Mulberry towers, underscores the brand's credibility and growing demand for thoughtfully designed housing communities in key urban centres. The development is spread across 62.5 acres in Indirapuram Extension on National Highway 24 and features a mix of residential towers totaling 3,421 homes across 19 towers. A future launch—Mayflower—is also planned as part of the township, along with a Forum Mall of 1.18 million square feet, adding retail and entertainment to the integrated ecosystem. Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, expressed enthusiasm over the achievement, calling it a 'strong validation of the trust that homebuyers place in us.' He added that the company is planning many more launches across NCR, Bengaluru, Chennai, Goa, Mumbai, and Hyderabad over the coming year. The development marks a significant step in Prestige's northward expansion and may boost investor sentiment as it reaffirms the company's execution strength in new markets. With the residential real estate sector witnessing strong demand tailwinds, especially in top metros, Prestige's sales performance may act as a key stock trigger in the near term. Markets Desk at
Business Upturn
06-05-2025
- Business
- Business Upturn
Prestige Group's NCR debut sees roaring success with Rs 3,000 crore in sales within a week
By News Desk Published on May 6, 2025, 16:26 IST Prestige Estates Projects Ltd. announced a landmark debut in the National Capital Region (NCR) with its residential launch The Prestige City, Indirapuram, clocking an impressive ₹3,000 crore in sales within just one week. The company sold over 1,200 units, marking a robust entry into the NCR residential market. Spread across 62.5 acres in Indirapuram Extension along NH-24, the project is part of a larger integrated township. The initial launch included two residential phases—Oakwood and Mulberry—featuring 3,421 homes across 19 towers. An additional phase, Mayflower, is expected to follow soon. The development also includes a Forum Mall of 1.18 million sq ft, aiming to deliver a comprehensive lifestyle experience. Chairman and Managing Director Irfan Razack termed the overwhelming response 'a proud moment' for the group, reinforcing buyer confidence in the Prestige brand. He added that the company has major launches lined up across Bengaluru, Chennai, Goa, Mumbai, Hyderabad, and NCR in the coming months. The strong performance reflects not only the brand's reputation but also a growing appetite among homebuyers for high-quality, integrated living spaces in urban India. News desk at
Time of India
30-04-2025
- Business
- Time of India
Prestige Group launches residential project in Ghaziabad
NEW DELHI: Prestige Group has launched the first phase of its residential project 'The Prestige City – Indirapuram' in Ghaziabad . The first phase called Oakwood and Mulberry- together represents a gross development value (GDV) of over ₹9,000 crore. Oakwood and Mulberry feature a combined 3,421 homes across 19 towers, offering a mix of 2 BHK, 3 BHK, 3 BHK + Home Office, and 4 BHK + Home Office residences, with unit sizes ranging from 1,681 sq ft to 6,026 sq ft. Irfan Razack , chairman and managing director of the company said, "We are thrilled to make our debut in the vibrant NCR residential market with The Prestige City – Indirapuram. It is only the beginning — we are deeply committed to expanding our presence in NCR." When the second phase 'Mayflower' is launched, it will take the total GDV of the entire residential development to ₹12,000 crore. Spread across 62.5 acres, the township will also have an integrated Forum Mall covering 1.18 million sq ft.
