NEW DELHI: The Prestige Group from Bengaluru, which purchased a bungalow from TDI Infratech on Kasturba Gandhi Marg in Delhi for the development of a luxury boutique project, has withdrawn from the deal due to approval delays.
The firm has sold the property for approximately ₹450 crore, after acquiring it two years ago for about ₹300 crore. TDI retained ownership of the Lutyens Delhi property intended for redevelopment. Initially set as a joint development agreement, Prestige eventually acquired the asset entirely. The property covers 5,100 square yards, with a projected revenue potential of ₹700 crore.
Sources indicate that Prestige originally intended to create 8-9 boutique apartments, entering the Delhi residential market with each unit priced at ₹70 crore and above. “The group faced challenges executing the project due to slow approvals in Lutyens Delhi, impacted by numerous restrictions. They have launched their first residential project in Ghaziabad, planning future expansion in Noida and Gurgaon,” stated an insider.
Prestige Group is also advancing towards acquiring a 5-acre parcel in Gurgaon for a luxury residential project. The Kasturba Gandhi Marg property had an outstanding loan of ₹225 crore, which Prestige has settled.
Additionally, Prestige Group is managing a 2.2 million-square-foot residential project in Noida Sector 150, which has faced delays owing to complications with the Sports City development. The group did not respond to email inquiries.
Lutyens Delhi is one of the most prestigious residential areas in the capital, known for housing politicians and notable business leaders.
