Team Opulnz Abode: 18-10-2024, 15:15: Read Time – 2.5 mins
Bengaluru-based real estate giant Prestige Estates Projects Ltd. has announced a significant investment of nearly ₹7,000 crore to develop a large-scale township in Ghaziabad, a key location in the Delhi-National Capital Region (NCR). The “Prestige City” project is set to launch in the current quarter, pending final regulatory approvals.
Prestige City Indirapuram All Details:
Prestige City: A Landmark Township Project in Ghaziabad
The new township project, Prestige City, will be located in the Indirapuram Extension area of Ghaziabad, where Prestige Estates acquired a 62.5-acre land parcel in March. This substantial acquisition, valued at over ₹450 crore, signals the company’s commitment to expanding its footprint in the fast-growing Delhi-NCR market.
Prestige City is expected to offer 10 million square feet of residential space, with additional retail and education facilities. The project will primarily target end-users, offering a wide range of housing options, including 2, 2.5, 3, and 4 BHK apartments. What sets Prestige City apart is its comprehensive township concept, catering to the evolving needs of modern residents by providing both residential and lifestyle amenities within the same development.
₹7,000 Crore Investment: A Major Commitment to Delhi-NCR Market
Prestige Group Chairman and Managing Director – Irfan Razack expressed his optimism about the Delhi-NCR real estate market, noting the potential to achieve ₹10,000 crore in residential sales annually, provided the company continues to acquire prime land parcels. He added that the total cost of developing Prestige City is expected to range from ₹6,000 to ₹7,000 crore.
The construction of the township will be funded through customer sales bookings, which reflects the company’s confidence in the demand for housing in the region. Prestige Estates primarily focuses on end-users for this project, ensuring that the development meets the needs of families and professionals seeking quality living spaces in Ghaziabad.
Prestige Estates’ Expanding Presence in Delhi-NCR
Prestige Estates Projects Ltd. is steadily expanding its presence in the Delhi-NCR market, acquiring several prime land parcels over the past year. The company is bullish on the potential for growth in this region, one of India’s most lucrative real estate markets.
In addition to the Ghaziabad project, Prestige Estates is also working on multiple developments in the NCR region. This includes an ultra-luxury housing project in Central Delhi, where the company has acquired a one-acre land parcel. Approvals for this project are currently pending. Furthermore, the company has partnered with a landowner for another housing project in Sector 150, Noida, which is yet to be launched. Razack noted that the company is awaiting necessary approvals from the Noida Authority before proceeding with the project.
Moreover, Prestige Estates has partnered with a landowner for another housing project in Sector 150, Noida, which is yet to be launched. Razack noted that the company is awaiting necessary approvals from the Noida Authority before proceeding with the project.
Why Ghaziabad? A Strategic Location for Residential Development
Ghaziabad, with its strategic location in the Delhi-NCR region and excellent connectivity to major parts of Delhi, Noida, and Gurgaon, has emerged as a prime destination for real estate investment. Its well-developed infrastructure and growing demand for quality housing make it a preferred location for homebuyers and investors, underscoring the potential of the Prestige City project.
Prestige City, located in Indirapuram Extension, is strategically positioned to exploit this growing demand. The area is well-connected to important business hubs, schools, hospitals, and shopping centres, ensuring convenience and modern living for its residents.
The inclusion of retail and education components within the township further enhances the project’s appeal. It offers a self-sustained ecosystem where residents can enjoy a complete living experience without having to travel far for daily needs.
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Prestige Group’s Focus on Large-Scale Developments
Prestige Estates Projects Ltd. has a proven track record of leading large-scale residential and commercial developments. The company’s unwavering commitment to delivering high-quality, comprehensive townships is evident in its portfolio, which includes several landmark projects across India. This commitment should reassure our investors and homebuyers of the value and quality they can expect from the Prestige City project.
The launch of Prestige City in Ghaziabad is part of the company’s broader strategy to expand into major real estate markets across India, particularly in high-demand regions like Delhi-NCR. With a strong history of successful projects, Prestige Estates aims to build sustainable residential communities that offer long-term value to residents and investors. The company’s commitment to delivering high-quality, comprehensive townships is evident in its portfolio, which includes several landmark projects across India.
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Conclusion: A Promising Future for Prestige City in Ghaziabad
Prestige Estates’ decision to invest ₹7,000 crore in the development of Prestige City in Ghaziabad reflects the company’s confidence in the potential of the Delhi-NCR real estate market. With a sprawling township offering 10 million square feet of residential space and retail and educational components, Prestige City is poised to become a landmark development in the region.
As the project approaches launch, homebuyers and investors are expected to attract a significant demand, thanks to its prime location, comprehensive amenities, and the Prestige Group’s reputation for delivering high-quality developments. With additional projects in Central Delhi and Noida on the horizon, Prestige Estates is set to play a leading role in shaping the future of real estate in the Delhi-NCR region.
