Prestige Sector 150

Well-known real estate builder Prestige Estates Projects Ltd is foraying into the Delhi-NCR market and has tied up with local developer Ace Group to begin its first housing project in Noida with an investment of approximately Rs 500 Cr* on construction.From last 32 years of functions, Prestige Group has accomplished 236 real estate developments including almost 125 million sq.ft of developable area, generally in south India.“We are entering into Delhi-NCR which is a major real estate market in the country. We have twisted a joint venture with Ace Group to build up this mid-income lodging project,” Prestige Group CEO Venkat K Narayan told PTI in an interview.Ace Group owns about 15 acre land parcel in Sector 150, Noida, Uttar Pradesh. The total development likely in the upcoming project is expected at around 2 million sq ft, comprising more than 1,000 units.

Asked about the cost, Narayan said the land is already owned by joint venture partner and the cost of creation is probably at around Rs 500 crore.The manufacture cost would be met mainly through sales and advances from customers, he said. “We are targeting to begin this development in this calendar year,” he added. The company is yet to make a decision on unit price, but the rate is anticipated to be around Rs 6,500 per sq ft. Prestige and Ace Group would share development returns as per a fixed ratio. Narayan said the company is looking for additional projects across all real estate verticals in the Delhi-NCR market. He decorated that the company achieved sales bookings of Rs 1,016 cr* in April-June quarter despite slow demand and spoken confidence that the momentum would go on in the remaining quarters of this financial year.