Prestige Estates has decided to foray into the Delhi-NCR market and has tied up with local developer Ace Group to launch its first housing project in Noida with an investment of around ₹500 crore. Group CEO Venkat K Narayan said that the company has completed 236 real estate projects comprising nearly 125 million sqft of developable area, mostly in south India. Along with the Ace Group it will develop mid-income housing project. The latter owns around 15 acres of land in Sector 150, Noida, and the development potential in the upcoming project is estimated at around 2 million sqft, comprising of more than 1,000 units. He claimed that the construction cost would be met largely through sales and advance deposits from customers. Prestige and Ace Group would share project revenue as per an agreed ratio. The company is looking for more projects across all real estate verticals in the Delhi-NCR market.
📅Published on:
17 September 2019
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