| The company will develop projects with gross development value (GDV) of Rs 18,000 crore across 4 cities. The deal is dedicated towards the development of residential projects in prominent locations across 4 cities in India.
The deal, with its substantial size, upholds company's vision to sustain its leadership position in the industry. It is aimed at catalysing the development of early-stage residential projects, ensuring company's commitment to prudent expansion and diversified growth.
Irfan Razack, chairman & managing director of Prestige Group,said, “This marquee deal not only underscores the confidence of institutional investors in Prestige Group’s execution and corporate governance but also reflects our shared commitment to delivering excellence in real estate development pan-India.”
Venkat K Narayana, Group CEO of Prestige Group,said, “Given the increasing demand and consolidation in the sector, this deal will help in accelerating growth and expansion. These funds will fuel the development of greenfield residential projects across the cities of Bengaluru, Mumbai, Goa, and NCR with a combined Gross Development Value (GDV) of over Rs 18,000 crore, contributing significantly to the top line.”
Meanwhile, the company has acquired 50% partnership interest in Prestige Realty Ventures. With this acquisition, the company will hold 99.90% partnership interest in Prestige Realty Ventures.
The company will acquire 50% stake for total consideration of Rs 165 crore.
Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.
The company’s consolidated net profit fell 9% to Rs 116.3 crore in Q3 FY24 as against Rs 127.8 crore reported in the same period last year. Revenue from operations declined 22.49% year on year (YoY) to Rs 1,795.8 crore in the quarter ended 31 December 2023. |