Prestige Invests in Housing projects Across Bengaluru, Hyderabad, Goa

Realty firm Prestige Estates Projects Ltd will develop four new housing projects in Bengaluru, Goa and Hyderabad with an investment of nearly Rs 2,000 crore amid recovery in demand for residential properties. Bengaluru-based c

BY Realty Plus
Published - Tuesday, 24 Nov, 2020

Prestige Invests in Housing projects Across Bengaluru, Hyderabad, Goa

Realty firm Prestige Estates Projects Ltd will develop four new housing projects in Bengaluru, Goa and Hyderabad with an investment of nearly Rs 2,000 crore amid recovery in demand for residential properties. Bengaluru-based company will develop nearly 3,400 housing units in these four projects over the next three and half years. Elaborating on these four projects, Prestige Estates Executive Director-Business Development Swaroop Anish said the company launched a middle income housing project ‘’Prestige Tranquil’’ in Hyderabad early this month. Prestige Estates has started construction work on two housing projects in Bengaluru in joint development with land owners. The first one ‘’Prestige Primrose Hills’’ at Kanakpura Road is an affordable housing project, which is spread over 15.5 acres having 1,680 units. The project cost is pegged at around Rs 475 crore. The second project in Bengaluru is located at Whitefield named Prestige Waterford. The company is constructing 689 units in this nearly 17-acre project at a cost of around Rs 575 crore. In Goa, the company is developing a 2-acre project ‘’Prestige Ocean Crest’’, comprising 106 units, with an investment of nearly Rs 90 crore. Meanwhile, Prestige Group is selling a large portfolio of its commercial assets – office, shopping malls and hotels – to global investment firm Blackstone for over Rs 9,000 crore. The term sheets between the two parties have already been signed and the deal is likely to be concluded next month. Prestige group will utilise a major portion of sale proceeds to reduce its debt. Its net debt stood at Rs 8,667.6 crore at the end of the second quarter with an average borrowing cost of 9.65 per cent.