Real Estate

Prestige Estates to invest ₹500 crore in first housing project in NCR

PTI New Delhi | Updated on September 15, 2019 Published on September 15, 2019

Realty firm Prestige Estates Projects Ltd is foraying into the Delhi-NCR market and has tied up with local developer Ace Group to launch its first housing project in Noida with an investment of around ₹500 crore.

“We are entering into Delhi-NCR which is a key real estate market in the country. We have formed a joint venture with Ace Group to develop this mid-income housing project,” Prestige Group’s CEO, Venkat K Narayan, told PTI.

The total development potential in the upcoming project is estimated at around 2 million sqft, comprising over 1,000 units.

Asked about the investment, Narayan said the land is already owned by the joint venture partner and the cost of construction is estimated at around ₹500 crore. “The construction cost will be met largely through sales and advances from customers,” he said, adding , “we are targeting to launch this project this year.”

Published on September 15, 2019
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