Delhi-NCR There is tremendous demand in the real estate market. Due to this, now developers from outside NCR are entering here. Developers like Godrej Group, DLF, Signature Global, TARC and Max Estates are launching new projects one after the other. Now a new name has been added to this list. That is from Bengaluru-based company Prestige Estates, which will invest around Rs 7,000 crore to develop a township in Ghaziabad. The company will build a luxury housing project here. The company wants to expand its business in the property market of National Capital Region-Delhi. Bengaluru-based Prestige Estates is building a commercial project in Aerocity in the national capital.
The company purchased three plots
The company has entered the Delhi-NCR housing market by acquiring three land parcels in Siddharth Vihar, Delhi, Noida and Ghaziabad. Irfan Razak, Chairman and Managing Director (CMD), Prestige Group, is optimistic about the housing market of Delhi-NCR. He said that if the company can continuously acquire land, there is a possibility of selling housing worth Rs 10,000 crore annually. In March, Prestige Estates Projects acquired 62.5 acres of land in Siddharth Vihar, Indirapuram Extension, Ghaziabad to develop a township.
Project work expected to start in this quarter
The township project ‘Prestige City’ is expected to be launched in this quarter after receiving all necessary approvals. Asked about the project cost, he said it would be around Rs 6,000-7,000 crore. Razak said the land has already been purchased and the construction cost will be met by raising funds from customers based on sales bookings.
