FCC

Prestige Estates subsidiary buys 4.5 acres in Pune for Rs 2 billion+

2024-09-12

Prestige Exora Business Parks, a subsidiary of real estate developer Prestige Estates Projects, has acquired development rights and a 4.5-acre land parcel in Pune’s Kharadi locality for over Rs 2 billion. The land was purchased from joint development partner B U Bhandari M&M Realtors LLP, with whom Prestige had entered into an agreement in July 2017 to co-develop a larger plot.

In March, both parties revised certain terms of the joint development agreement, which led to the sale and transfer of the land and its full development potential to Prestige Group. The buyer paid over Rs 140 million in stamp duty for the registration, according to documents obtained from CRE Matrix.

Prestige Estates is currently raising up to Rs 50 billion through a qualified institutional placement (QIP) of equity shares, which is expected to conclude soon.

The surge in land deals across key cities is being driven by strong demand in the real estate sector, bolstered by urbanisation, economic growth, and a rising middle class. As infrastructure projects gain momentum, the demand for residential, commercial, and industrial properties continues to rise, encouraging developers to secure land for future growth, reflecting optimism in India's real estate market.

(ET)