Prestige Estates to invest Rs. 500 crore in first housing project in NCR

Patricia Alphonso Sep 25, 2019 0

Realty firm Prestige Estates Projects Ltd. is targeting the Delhi-NCR market and has partnered with local developer Ace group to launch its first housing project in Noida with an investment of around Rs. 500 crore.

“We are entering into Delhi-NCR which is a key real estate market in the country. We have formed a joint venture with Ace Group to develop this mid-income housing project,” said Prestige Group’s CEO, Venkat K Narayan.

The total potential for development in the upcoming project is estimated at about 2 million sqft, comprising of more than 1,000 units.

When asked about this investment, Narayan said that the land is already owned by the joint venture partner and that construction costs is estimated at approximately Rs. 500 crore. He said, adding , “we are targeting to launch this project this year.”

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