The acquired land will be planned for residential development spanning approximately 2.68 million square feet of developable area.
Irfan Razack, chairman and managing director of Prestige Group, said: “We are excited to expand our presence in Bengaluru with the acquisition of this prime 17.45-acre land parcel adjacent to our recently launched project - Prestige Raintree Park.
This development, projected at 2.28 million square feet represents our ongoing commitment to delivering integrated, high-quality spaces that cater to the evolving needs of modern urban living.”
Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.
The company’s consolidated net profit fell 12.85% to Rs 232.6 crore in Q1 FY25 as against Rs 266.9 crore recorded in Q1 FY24. Revenue from operations grew 10.78% year on year (YoY) to Rs 1,862.1 crore in the quarter ended 30 June 2024.
The scrip fell 2.84% to currently trade at Rs 1606 on the BSE.