Prestige Estates Projects, a Bengaluru-based realtor is going to invest approximately Rs. 350 crore for developing a commercial project in Pune, a senior company official said. This commercial project in Pune is planned to be built under a joint venture with a local firm, informed Venkat K Narayan, Prestige Group CEO.
Narayan said we are developing a one million sq ft office complex in Pune. This will be our first project in this city. He further said that the project will hopefully be completed in three years.
Till now, the Prestige Group has developed 107 office complexes that tally upto 33 million sq ft area and 13 projects spread across 12 million sq ft area are presently under construction. The company yields a rental income of Rs. 602.7 crore from its leased office portfolio of nearly 9 million sq ft.
This Bengaluru-based realtor is also venturing in the Delhi-NCR market and has teamed up with the Ace Group to launch its maiden housing project in Noida. This company is believed to invest Rs. 500 crores for the construction of the same.
The Ace Group owns nearly 15-acre land in Sector 150, Noida, Uttar Pradesh. The total development of this project is believed to be around 2 million sq ft that will have over 1,000 units.
The company has delivered four projects that cover 10.33 million sq ft area and three of these were the residential projects comprising of 3,892 housing units. Prestige posted a net profit of Rs 123.9 crore over revenue of Rs 1,567.4 crore during the April-June quarter.
Presently, the company is developing 48 projects that are spread across 50 million sqft area and 36 projects are in pipeline with 55 million sqft development potential.