Economy

Prestige to launch 2,321-units project in Bangalore

Our Bureau Bangalore | Updated on July 21, 2011 Published on July 21, 2011

Prestigeous project: Mr Irfan Razack (left), Chairman and Managing Director, Prestige Group. and Mr Rezwan Razack, Joint Managing Director, Prestige Group at a press conference in Bangalore on Thursday. - G R N Somashekar



Real estate developer Prestige Group has announced the launch of a 38-acre residential project in Bangalore. The project — Prestige Tranquility — will develop 2,321 units, totalling 3.3 million sq ft of saleable space development. The apartments would be a mix of one, two and three-bedroom units in the 664-1,991 sq ft size range.

The base price for this project has been fixed at Rs 2,728 per sq ft. “The price of these apartments would range from Rs 20.6 lakh (for a single bedroom unit) to Rs 62.19 lakh (three-bedroom unit) depending on the unit size,” said Mr Irfan Razack, Chairman and Managing Director, Prestige Group.

According to him, 60 per cent of the apartments would be three-bedroom units.

Work from November

Work on the project, which would take three years to complete, would commence in November this year. The project cost would be Rs 650 crore for 4.5 million sq ft developed at the project site, including parking. According to him, the company expects Rs 1,000-crore revenue from this project. The company has already ‘soft launched' this project, and “we have already sold 500 units to customers from our database”, said Mr Razack.

Published on July 21, 2011
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