Prestige Group Targets Rs 12,000 Crore Revenue from Ghaziabad Township Project

India's top real estate developer, Prestige Estates Projects Ltd, is planning to enter the Delhi-NCR residential market with a Rs 12,000 crore revenue target from its 62.5-acre township project at Ghaziabad. The project will be a key expansion for the company as it enters the residential space in the National Capital Region (NCR). The township, The Prestige City, Indirapuram, will be developed in stages, with the first stage, Oakwood and Mulberry, already launched.

 

The company in a regulatory filing said it has received all approvals and initiated marketing of the first stage, which has a Gross Development Value (GDV) of more than Rs 9,000 crore. The second stage, Mayflower, will raise the overall GDV of the entire project to Rs 12,000 crore. Situated in Indirapuram Extension on National Highway 24, the project is set to change the face of residential real estate in Ghaziabad and will provide a variety of lifestyle-integrated options to its prospective residents.

 

Irfan Razack, Managing Director and Chairman of Prestige Group, showed his enthusiasm for the venture, saying, "Today is a historic milestone for Prestige Group. We are very excited to launch ourselves in NCR's dynamic residential market with The Prestige City, Indirapuram. This project reflects the scale, ambition, and integrated lifestyle that Prestige is all about". He further mentioned that the company's foray into NCR is a part of its overall strategy to expand its presence in high-growth markets.

 

Prestige Group, with a legacy spanning over three decades, is known for its vast portfolio of residential, commercial, retail, hospitality, and mixed-use developments. The company has successfully delivered over 300 projects to date. Its foray into the Ghaziabad residential market follows the ongoing development of a commercial project at Delhi’s Aerocity.

 

Despite its ambitious new project, Prestige Group faced a setback in the previous fiscal year. The firm saw a 19 percent fall in sales bookings for FY24 at Rs 17,023 crore due to the slowdown in approvals for most of its projects. Consequently, the firm could not achieve its sales bookings target of Rs 24,000 crore. The postponed launches on account of delays in approvals impacted the overall volume of sales, which dropped by 38 percent year-on-year at 12.58 million square feet.

 

But the firm witnessed an improvement in realisation levels across the sectors. Average selling price of apartments, villas, and commercial products was 36 percent higher year on year at Rs 14,113 a square foot. Plot sales realisations were higher by 50 percent at Rs 7,167 a square foot.

 

Speaking of the past year's fiscal performance in a release, Razack said, "FY25 ushered in both successes and difficulties. While postponements in the approval of projects pushed some launches into the coming fiscal, sales saw good momentum in the final quarter and experienced a heartening increase in realisations". He also emphasized the healthy demand for quality real estate, citing the good response to recent launches.

 

In the future, Razack is hopeful. "FY26 will be a milestone year for Prestige Group as we enter newer markets, launching marquee projects in NCR and Mumbai, and achieving our first residential completions in Mumbai", he stated. With approvals moving along on major projects and a stable demand environment, Prestige Group is poised for growth in the next year.

 

While the NCR real estate market is changing continuously, Prestige's foray in Ghaziabad is an endorsement of the strength of the local market's potential in the longer term and Prestige's continued focus on delivering integrated, value-added lifestyle choices to customers.