Prestige buys stake in Chennai

Prestige Estate Projects has bought 49% stake in its residential project in Chennai for Rs 100 crore. "The deal between the landowner and Prestige got concluded earlier this week. The company earlier owned 51% in Prestige Pallavaram Venture a partnership firm," said Venkat K Narayana chief executive officer of the company. The special purpose vehicle will be developing a 3.8 mn sft of residential project in Pallavaram Chennai that is expected to be launched by January 2018. "The project is currently in the approval stage," he added. The real estate firm has reported 1 % year-on-year rise in consolidated net profit at Rs 91 crore for the quarter ended September. Total income for the quarter dropped to Rs1113 crore as compared to Rs 1174 crore during the same period last financial year, said the company to BSE. "Despite no new launches we had a sale of Rs 800 crore in the second quarter given the current market condition and implementation of RERA and GST" said Narayana.