Prestige Realty launches ₹350-cr project in Pune

Bengaluru-based Prestige Estates Projects is set to launch a ₹350 crore commercial project in Pune, which will be developed under a joint venture with a local firm, said CEO Venkat K Narayan. The new venture, which is its first project in the city, is expected to be completed in the next three years. Prestige Group has to date completed 107 office complexes comprising 33 million sq ft area and as many as 13 projects covering 12 million sq ft area are under construction. In addition, it has also forayed into the Delhi-NCR market and has tied up with local developer Ace Group to launch its first housing project in Noida at an investment of ₹500 crore. Ace Group owns around 15 acres of land in Sector 150, Noida, where the development potential of the upcoming project is estimated at around 2 million sqft comprising 1,000 units. Prestige achieved sales bookings of over ₹1,000 crore during the first quarter of this fiscal despite slow demand, and expects the momentum to continue.