Prestige Acre acquires Land in Bengaluru for Rs 187 Cr
Prestige Acre Private Ltd, a subsidiary of the renowned Prestige Group, has recently acquired a land parcel in Bengaluru worth Rs 187.50 crore. As per the documents obtained by CRE Matrix, a leading real-estate data analytics firm, the deal was finalized on February 16, 2023, and involved aggregating land parcels spread across 56.29 acres in Jigani and Rajapura villages, Jigani Hobli, Anekal Taluk, Bengaluru. The seller in this transaction is Rajapura Homes Private Ltd, and the deal attracted stamp duty and registration charges of Rs 10.59 crore.
Last year, Prestige Estate Projects had purchased approximately 26 acres in Bengaluru for Rs 360 crore. The parent company, Prestige Group, is a Bengaluru-based real estate developer that registered record sales of Rs 12,930.9 crore in the last fiscal year, which is up by 25 percent over the previous year. The company had developed 15.09 million square feet during this period. The group also recorded its highest-ever collections of Rs 9,805.5 crore, representing a YoY growth of 31 percent.
In the last fiscal year, Prestige Group sold over 9,600 homes, and the new launches totalled 26.38 million square feet, a YoY growth of 57 percent. The total completions during this period were 15.68 million square feet, which is a 10 percent rise YoY.
As per a report released by Coldwell Banker Richard Ellis (CBRE), a global commercial real-estate services and investment firm, real-estate developers and investors have acquired nearly 6,800 acres of land between 2018 and 2022, worth more than $12.2 billion. This land has been acquired for constructing greenfield realty projects, as highlighted in CBRE’s report titled “Indian Real Estate — Betting on a Capital Future.” Developers and investors have shown a heightened interest in land acquisition space in recent times, and the report highlights the cumulative acquisition of 6,800 acres of land between 2018 and 2022.
About Prestige Group:
Prestige Group, a South Indian property development company, was established by Razack Sattar in 1986 and has its headquarters in Bangalore.
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