Prestige Estates Subsidiary Acquires 4.5 Acres in Pune for Over Rs 200 Crores
The real estate market's growth trajectory is fuelled by factors such as urbanisation, economic development, and a growing middle class with rising disposable incomes.
Real EstateLand DealPrestige EstatesPuneKharadiReal Estate NewsSep 03, 2024
The Prestige Group entity had entered into a joint development agreement with the landowner B U Bhandari M&M Realtors LLP through a pact inked in July 2017. Both had agreed to jointly develop the plot out of a larger land parcel.
In March, both the entities amended certain terms and conditions of the joint development agreement. In furtherance to the joint development pact and supplementary agreement, the landowner has now sold and transferred the land along with entire development potential to the Prestige Group company.
The buyer has paid stamp duty worth over Rs 14 crore for the registration of the deal, showed documents accessed through CRE Matrix.
The number of land deals are witnessing a significant rise across key cities driven by a robust demand for properties across various sectors. The real estate market's growth trajectory is fuelled by factors such as urbanisation, economic development, and a growing middle class with rising disposable incomes.
As infrastructure projects are taking off, the demand for residential, commercial, and industrial properties has surged, prompting developers to secure land parcels to meet this rising need. This heightened activity in the land market reflects the optimism and confidence among investors and developers in the long-term prospects of India's real estate sector.
Prestige Estates Projects is currently in the process of raising up to Rs 5,000 crore by selling equity shares to institutional investors through private placement. The company launched its Qualified Institutional Placement (QIP) issue last week and is expected to be concluded this week.
Information Prestige Estates Projects is a leading real estate developer in India, known for its premium residential, commercial, and hospitality projects.
Prestige Estates Projects is a subsidiary of Prestige Group, a well-established real estate developer with a presence in multiple cities across India.
Frequently Asked Questions
What is the size of the land parcel acquired by Prestige Estates?
The land parcel is spread over more than 4.5 acres in Pune's Kharadi locality.
How much did Prestige Estates pay for the land parcel?
Prestige Estates paid over Rs 200 crores for the land parcel.
What is the purpose of the land acquisition?
The land acquisition is likely for the development of residential, commercial, or industrial properties.
What is the current market trend in the real estate sector?
The real estate market is witnessing a significant rise in land deals driven by a robust demand for properties across various sectors.
What is Prestige Estates' current fundraising plan?
Prestige Estates is raising up to Rs 5,000 crore by selling equity shares to institutional investors through private placement.
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