Bengaluru: Prestige Group, one of the fastest growing real estate companies, has entered the National Capital Region (NCR) residential property market as it hopes to expand its geographical location.
The Bengaluru developer has launched the first phase of the “City of Reputation” – a 62.5-acre mixed-use township in the Indirapuram expansion in Ghaziabad.
The project will have total development value (GDV) ₹120 million is Prestige's biggest launch this year.
The real estate company said it has sold about 1,200 units ₹In the week of launching the project, there were Rs 30 billion.
For Reputation Group, the Delhi-NCR real estate market is not completely new. It is currently developing a comprehensive use project in the air atmosphere in Delhi. The project will feature two hotels under the “St Regis” and “Marriott Marquis” brands, as well as meeting and office spaces.
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Prestige now wants to make it a residential developer on the market. “NCR is an important market for us. Each real estate market has its own nuances, price points and customer preferences and we have to plan the project accordingly. The location of the project is also a key factor. I think we have priced the Indirapuram project wisely and it is beneficial among customers, and Irfan Razack, Chairman and Chairman of Prestige Group, told Irfan Razack Irfan Razack. Mint In the interview.
Apartments in Prestige City-Indirapuram are priced at ₹15,000 ₹40 million. It will also have villains and a 4,000-6,000 square feet penthouse.
Unlike MMR, MMR is a real estate market that entered three years ago, where land is a problem, and Prestige pursues a path to reconstruction that expands its portfolio.
Razack said in the NCR market that it will build its business through the Greenfield project. It will combine thorough land purchases and co-development projects.
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In addition to the Indirapuram project, Prestige plans to develop a niche luxury project in KG Marg, moving forward and line up another project in Noida's 150 district. Both projects require regulatory approval.
“We are looking for more opportunities in Gururam, Delhi and elsewhere, but we can only get the land if it makes sense to us,” Razak said.
Prestige entered NCR once the largest property market in India at a time when residential sales were strong and large brand developers had gained market share. In NCR, Prestige will compete with companies like DLF Ltd, India’s largest Gurugram real estate company, and Godrej Properties Ltd, Noida’s.
