Prestige Estates Subsidiary Acquires 4.5 Acres in Pune for Rs 200 Crore
Prestige Exora Business Parks buys out partner's development rights and land parcel in Kharadi locality
Prestige EstatesPuneReal EstateLand AcquisitionJoint DevelopmentReal Estate PuneSep 09, 2024
The Prestige Group entity had entered into a joint development agreement with the landowner in July 2017, with plans to jointly develop the plot out of a larger land parcel. However, in March, both parties amended certain terms and conditions of the agreement, leading to the sale of the land and development rights to Prestige Exora Business Parks.
The buyer has paid a stamp duty of over Rs 14 crore for the registration of the deal, as per documents accessed through CRE Matrix.
This acquisition is part of the growing trend of land deals in key cities, driven by robust demand for properties across various sectors. The real estate market's growth trajectory is fueled by factors such as urbanization, economic development, and a growing middle class with rising disposable incomes.
As infrastructure projects take 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.
In a separate development, 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, which is expected to be concluded this week.
About Prestige Estates Projects
Prestige Estates Projects is a leading real estate developer in India, with a presence in multiple cities across the country. The company has a diverse portfolio of projects, including residential, commercial, and industrial properties.
Frequently Asked Questions
What is the value of the land deal between Prestige Exora Business Parks and B U Bhandari M&M Realtors LLP?
The value of the land deal is over Rs 200 crore.
What is the purpose of the land acquisition by Prestige Exora Business Parks?
The land acquisition is for the development of residential, commercial, and industrial properties.
What is the current market trend in the real estate sector in India?
The real estate market in India is witnessing a growth trajectory fueled by factors such as urbanization, economic development, and a growing middle class with rising disposable incomes.
What is the status of Prestige Estates Projects' QIP issue?
The QIP issue was launched last week and is expected to be concluded this week.
What is the expected amount to be raised by Prestige Estates Projects through the QIP issue?
The company is expected to raise up to Rs 5,000 crore through the QIP issue.
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