Tag: Prestige Group

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South Indian Developers Boost Presence in Mumbai Housing Market

Representative AI image Mumbai’s property market is experiencing renewed competition as major real estate developers from South India focus on the country’s largest market, drawn by ongoing housing demand and lucrative redevelopment prospects. The current entrants are utilizing a more measured approach than previous out-of-market attempts, emphasizing redevelopment projects, joint development agreements, and partnerships with local landowners, thereby establishing a capital-efficient pathway into India’s priciest property sector. Developers like Prestige Group, Puravankara, Shriram Properties, Sobha, Casagrand, and RMZ are either entering or preparing to enter the Mumbai market through various redevelopment initiatives and land acquisitions, looking to expand beyond their…

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HSBC Signs LOI for 1.2M Sq Ft Campus with Prestige Group

NEW DELHI: HSBC has entered into a letter of intent with Prestige Group to create a 1.2 million sq ft integrated campus on Outer Ring Road in Bengaluru. The venue, named Prestige JRC Signature Towers, aims to consolidate HSBC employees from various locations in Bengaluru into one facility. The new campus will feature collaboration areas, shared amenities, dining options, multi-functional spaces for town halls and learning, outdoor and community areas, as well as metro access and parking facilities. “India is one of the most significant talent hubs globally and remains a vital market for HSBC. Uniting our workforce under one…

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Prestige Group’s ₹65,000 Crore Unrecognized Revenue: Chairman

NEW DELHI: Realty developer Prestige Estates Projects Ltd has approximately Rs 65,000 crore in unrecognized revenue, attributed to robust sales of its residential properties over the past three fiscal years. The company reported record sales bookings of Rs 30,024 crore during the 2025-26 fiscal year, marking a 76% increase from the previous year. In an interview with PTI, Chairman Irfan Razack stated, “We have around Rs 65,000 crore in unrecognized revenue on our books. It’s a substantial amount.” Razack noted that the company employs a completion method for revenue recognition, meaning revenue is recorded only after the completion of real…

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Prestige Group and Partner to Develop Gurugram Land

Representative AI image NEW DELHI: Prestige Estates Projects has signed a joint development agreement (JDA) with Sare Gurugram for a 17.2-acre plot in Sector 92, Gurugram, as part of its strategy to enhance its residential portfolio in the National Capital Region (NCR). The upcoming project is expected to cover approximately three million sq ft, with a projected gross development value (GDV) of around ₹4,200 crore. The property is situated near the Dwarka Expressway, an area witnessing a surge in residential developments due to improved connectivity and infrastructure. Irfan Razack, Chairman and Managing Director of the company, stated that this acquisition…

IndustryLatest Stories

Prestige and Arihant Groups Acquire Land in Padi, Chennai

Representative Image NEW DELHI: Prestige Group and Arihant Group have acquired a 16.331-acre land parcel in Padi, Chennai. The acquisition is being handled through Canopy Living LLP, a joint venture between Prestige Estates Projects and Arihant Foundations and Housing. The land is planned for a residential project with a total saleable area of approximately 3.6 million sq ft and an estimated revenue potential of around ₹5,000 crore. Irfan Razack, Chairman and Managing Director, stated, “We remain focused on expanding our presence in the city through well-located, high-quality developments.” Published On Mar 27, 2026, at 06:56 AM IST Join over 2…

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Prestige Group JV Acquires 16.38 Acres in Chennai for ₹561 Crore

Representative AI image NEW DELHI: Prestige Estates Projects Ltd, through its joint venture, has finalized the acquisition of a 16.38-acre plot in Padi, Chennai, for Rs 561 crore to develop a real estate project. The land is being sold by Sundaram-Clayton Ltd. Canopy Living LLP, a collaboration between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd, has entered into an agreement for this land parcel, according to a regulatory filing dated January 8. This purchase aligns with Prestige Group’s strategy to enhance its presence in premium urban areas. Sundaram-Clayton Ltd also communicated to the exchanges that on January…

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Prestige Group buys 25-acre site in Medavakkam, Chennai

Representative image NEW DELHI: Prestige Group has secured a 25-acre land parcel in Medavakkam, Chennai. This land holds the potential for approximately five million square feet of development, estimated to generate over ₹5,000 crore in top-line revenue. In early December 2025, Prestige Falcon Realty, a wholly-owned subsidiary, along with Prestige Projects, acquired a partnership interest in Bharatnagar Buildcon LLP, as disclosed in a regulatory filing. The subsidiaries invested ₹938.75 crore through capital and current account contributions in the LLP. As a result of this acquisition, the company now indirectly holds a 66.93% partnership interest in Bharatnagar Buildcon LLP, with 63.12%…

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Prestige Group Scraps Lutyens’ Plan, Sells Bungalow

Representative Image 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…

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Prestige Estates Q2 FY26 Profit Soars 95% to ₹457.4 Crore

NEW DELHI: Prestige Estates Projects Ltd has announced a 95% increase in consolidated net profit, reaching Rs 457.4 crore for the September quarter, thanks to higher income and reduced expenses. In the same quarter last year, net profit was Rs 234.6 crore. The total income surged to Rs 2,697.8 crore in the second quarter of this fiscal, up from Rs 2,423.8 crore during the corresponding period last year, as reported in their Wednesday regulatory filing. Irfan Razack, Chairman and Managing Director of Prestige Group, stated that the company has delivered strong financial and operational performance. “The first half of FY26…

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Prestige Estates Q2 FY26 Sales Surge 50% to ₹6,017 Crore

NEW DELHI: Prestige Estates Projects Ltd reported a 50% increase in sales bookings, reaching ₹6,017.3 crore in the second quarter of this fiscal year, attributed to rising housing demand. In its regulatory filing, the company highlighted that robust demand across various markets and segments fueled this growth in sales bookings or pre-sales. Sales volume for the quarter totaled 4.42 million square feet, an increase of 47% year-on-year. During the July-September period, the company sold 2,069 units, with the average realization for apartments rising 8% year-on-year to ₹14,906 per square foot. Meanwhile, plots saw an impressive 43% increase in realization to…