Prestige City Properties, an arm of real estate company Prestige Estates, has bought 8.5 acres in Bangalore from Siemens for ₹345 crore.
The land parcel is located at Koramangala, across the Forum Mall, built by the Prestige group. In a stock exchange notification, Siemens said it sold the land as part of a continuous asset optimisation exercise.
“We have sold the land parcel in Bangalore today (July 3, 2014) to Prestige City Properties. The proceeds of the sale are approximately ₹345 crore.”
The Prestige group is planning a mixed-use development, but mainly residential.
Ongoing projects The group has 171 completed projects aggregating 52.39 million sq ft and 63 ongoing projects with 59.47 million sq ft of developable area.
Twenty-eight of its upcoming projects aggregate 31.96 million sq ft, and span the residential, commercial, retail and hospitality sectors in major South Indian cities.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.