Prestige Group has acquired 21 acres of land in Whitefield, Bengaluru for Rs 450 crore, the company said in a BSE filing.
The acquired land will be planned for residential development spanning approximately four million sq ft of developable area, comprising around 1,800 apartments.
Irfan Razack, chairman and managing director of the company said, ” This large-format project spans over four million sq ft of developable area, with a projected gross development value (GDV) of Rs 4,500 crore.”
Venkat K Narayana, Group CEO of the company said, “We look forward to launching the project within the next three quarters and completing the development in four-year time.”