India’s leading realty firm Prestige Group has bought 14 acres of land in Hyderabad’s Kokapet area for Rs. 200 crore.
The land would be built as a mixed-use development project. Around 1.6 million sq ft of mid-income homes would be developed as part of the residential project and another 1.8 million sq ft for commercial office space.
In October, Prestige and real estate firm DB Realty Ltd entered into a 50:50 joint venture to develop one of the largest hotel and convention centre in the country at Delhi International Airport Ltd (DIAL) Aero City on a land parcel spread across 7.7 acres.
Hyderabad comprises around 16% of Prestige’s ongoing project portfolio, second only to Bengaluru which is at 66%. Despite the slowdown and the liquidity challenges, the Hyderabad property market has been performing well.
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