Prestige Estate Projects stock rose following acquisition of 62.5 acres of land in Indirapuram Extension to set its footprint in Delhi-NCR.
Shares surged 4.50 per cent on the NSE to trade at ₹1,095.85 as of 10.58 am.
Commenting on the acquisition, Irfan Razack, Chairman and Managing Director of Prestige Group, said, “We are excited about acquiring this prime land in NCR, presenting an excellent opportunity for Prestige Group to strengthen its presence in the region.”
Venkat K Narayana, Group CEO of Prestige Group, said, “This large-format project spans over 10 mn sq. ft. of saleable area, with a projected gross development value (GDV) surpassing ₹10,000 crore showcasing our commitment to diversifying our sales portfolio and expanding footprints. We look forward to launching the project within the next two quarters and completing the development in 4 years.”