Prestige Estates Projects Ltd aims to generate ₹12,000 crore from a 62.5-acre township in Ghaziabad, entering the rapidly growing residential market in Delhi-NCR.
In a regulatory filing on Tuesday, the company announced its entry into the National Capital Region (NCR) residential market by launching the first phase of 'The Prestige City, Indirapuram'.
Prestige Group has begun marketing the first phase of the township project, 'Oakwood and Mulberry', which has a Gross Development Value (GDV) of over ₹9,000 crore.
It added that when the second phase "Mayflower" is launched, the total GDV of the entire residential development will be Rs 12,000 crore.
The first phase will include 3,421 homes spread across 19 towers, with unit sizes ranging from 1,681 to 6,026 square feet.
The township spans 62.5 acres in Indirapuram Extension on National Highway 24.
Irfan Razack, Chairman and Managing Director of Prestige Group, stated, "Today marks a watershed moment for Prestige Group." We are excited to make our debut in the vibrant NCR residential market with The Prestige City, Indirapuram. "This project embodies Prestige's scale, ambition, and integrated lifestyle."
Prestige Estates Projects Limited is India's leading real estate developer, with a history spanning three decades.
It has completed over 300 projects in the residential, commercial, retail, hospitality, and mixed-use sectors.
Earlier this month, Prestige Estates Projects Ltd reported a decrease in sales bookings for the previous fiscal year due to delays in approvals for its numerous projects.
The company's sales bookings or pre-sales declined 19% to ₹17,023 crore in the previous fiscal.
Prestige Estates attributed the decrease in annual sales booking numbers to lower housing project launches due to a lack of approval from development authorities.
As a result, the company failed to meet its annual sales bookings target of Rs 24,000 crore.
Prestige Estates stated that the 19% drop in sales bookings during the fiscal year 2024-25 was due to the "impact of deferred launches amid approval delays".
Sales volume for 2024-25 was 12.58 million square feet, down 38 percent year on year.
The total number of units sold in fiscal year 25 was 5,919.
The average realisation for apartments, villas, and commercial products increased to ₹14,113 per square foot, representing a 36% increase year on year.
Plot sales increased to ₹7,167 per square foot, a 50% year-on-year increase.
Regarding the previous fiscal performance, Irfan Razack stated, "FY25 brought with it a mix of achievements and challenges. Despite delays in project approvals that pushed a few key launches into the next fiscal year, the final quarter saw strong sales growth and an encouraging increase in realisations."
The appetite for high-quality real estate remains strong, as evidenced by the enthusiastic response to the company's recent launches, he said.
"Our focus on customer-centric offerings and premium positioning has resulted in significant growth in per square foot realisations. "FY26 is going to be a watershed moment for Prestige Group as we expand into new markets, launch marquee projects in Mumbai and NCR, and achieve our first residential completions in Mumbai," Razack said.
"With approvals progressing and demand holding steady, we are optimistic about reaching new heights in the coming year and deepening our presence in key geographies," Razack stated.
