Prestige Estate’s share price experienced a slight 2% dip in early trade on April 5 following the land acquisition announcement. The company has acquired 21 acres of prime land in Whitefield, Bengaluru, for Rs 450 crore. The plan is to develop a residential project spanning 4 million square feet, with a projected gross development value (GDV) of Rs 4,500 crore, comprising around 1,800 apartments.

On April 1, the company, through its subsidiaries, signed a deal worth Rs 2,001 crore with the Abu Dhabi Investment Authority and Kotak AIF for growth opportunities in the residential sector with a gross development value of Rs 18,000 crore.

In March, the company acquired a 50% partnership interest in Prestige Realty Ventures for approximately Rs 165 crore, and post-acquisition, the company will hold a 99.90% partnership interest in the said entity.

The real estate group plans to build 1,800 apartments spread over 4 million square feet of area on the acquired land in Whitefield, Bengaluru, with the project expected to generate revenue of Rs 4,500 crore over the next four years.

Prestige Group Chairman and Managing Director Irfan Razack stated that the prime land in Whitefield, Bengaluru presents an excellent opportunity for them to expand the company’s presence in a large IT corridor. The large-format project spans over 4 million square feet of developable area, with a projected Gross Development Value (GDV) of Rs 4,500 crore.

Venkat K Narayana, group chief executive officer of Prestige Group, mentioned that the project will strengthen sales in the home market, and they look forward to launching the project within the next three quarters and completing the development in four years.

Prestige Group has a diversified business model across various segments, including residential, office, retail, hospitality, property management, and warehouses, with operations in more than 12 major locations in India.

At 2:11 pm, the shares of Prestige Estate were trading 1.18% lower at Rs 1,289.05 on NSE.