Prestige Estates will invest Rs 350 cr in commercial project in Pune
New Delhi, September 22 () The real estate firm Prestige Estates Projects, based in Bengaluru, will invest around Rs 350 million rupees to develop a commercial project in Pune, said a senior company official.
The project will be developed in a joint venture with a local company, said Prestige Group CEO Venkat K Narayan.
We are developing a one million square foot office complex in Pune. This will be our first project in this city, he said.
When asked about the investment, he said Rs 350 million rupees would be needed to build the project.
Narayan said the project is expected to be completed in the next three years.
Prestige Group has completed 107 office complexes comprising an area of 33 million square feet. Up to 13 projects covering an area of 12 million square feet are being built.
The company earns a rental income of Rs 602.7 crore from its leased office portfolio of almost 9 million square feet.
Prestige is also entering the Delhi-NCR market and has partnered with local developer Ace Group to launch its first housing project in Noida with an investment of around Rs 500 million in construction.
Ace Group owns about 15 acres of land in Sector 150, Noida, Uttar Pradesh. The total development potential in this next project is estimated at around 2 million square feet comprising more than 1,000 units.
Prestige achieved sales reserves of more than Rs 1,000 million during the first quarter of this fiscal year despite slow demand. The momentum is expected to continue in the remaining quarters of this financial year.
Prestige Estates had given a sales reserve guide of Rs 5,000-6,000 crore for the 2019-20 fiscal year.
During the first quarter of this fiscal year, the company launched three projects with 6.57 million square feet of developable area.
He delivered four projects with an area of 10.33 million square feet, of which three projects were homes consisting of 3,892 units.
Prestige recorded a net gain of Rs. 123.9 million on an income of Rs 1,567.4 million during the quarter from April to June. In all vertical markets, the company is building 48 projects that have an area of almost 50 million square feet and 36 projects are in process with a development potential of 55 million square feet. MJH ABM ABM