Real estate firm Prestige Estates Projects Ltd is targeting Rs 12,000 crore revenue from a 62.5-acre township at Ghaziabad, marking its entry into the Delhi-NCR growing residential market.
Prestige Estates is already developing a commercial project at Delhi's Aerocity.
In a regulatory filing on Tuesday, the company announced its entry into the National Capital Region (NCR) residential market with the launch of the first phase of 'The Prestige City, Indirapuram'.
With all approvals secured, Prestige Group has begun marketing the first phase of this township project named 'Oakwood and Mulberry' which together represent a Gross Development Value (GDV) of over Rs 9,000 crore.
When the second phase "Mayflower" is launched, it will take the total GDV of the entire residential development to Rs 12,000 crore, it added.
The first phase will have 3,421 homes across 19 towers, with unit sizes ranging from 1,681 sq ft to 6,026 sq ft.
The township is spread across 62.5-acre in Indirapuram Extension on National Highway 24.
Irfan Razack, Chairman and Managing Director, Prestige Group, said, "Today marks a monumental chapter for Prestige Group. We are thrilled to make our debut in the vibrant NCR residential market with The Prestige City, Indirapuram. This project embodies the scale, ambition, and integrated lifestyle that Prestige stands for." Prestige Estates Projects Limited is India's leading real estate developer, with a legacy of over three decades.
It has delivered over 300 projects across residential, commercial, retail, hospitality, and mixed-use sectors.
Earlier this month, Prestige Estates Projects Ltd reported a fall in sales bookings last fiscal due to delays in approvals to launch its many projects.
The company's sales bookings or pre-sales declined 19 per cent to Rs 17,023 crore in the last fiscal.
Prestige Estates attributed the fall in annual sales booking numbers to lower launches of housing projects due to a lack of approvals from development authorities.
As a result, the company has failed to achieve the annual sales bookings guidance of Rs 24,000 crore.
Prestige Estates said the 19 per cent fall in sales bookings during 2024-25 fiscal, reflected the "impact of deferred launches amid approval delays".
Sales volume for 2024-25 stood at 12.58 million square feet, down 38 per cent Y-o-Y.
Total units sold across FY25 stood at 5,919.
The average realisation for apartments, villas, and commercial products rose to Rs 14,113 per square foot, an impressive 36 per cent increase Y-o-Y.
Plot sale realisation increased to Rs 7,167 per square foot, registering a 50 per cent Y-o-Y growth.
On the last fiscal performance, Irfan Razack had said, "FY25 brought with it a mix of achievements and challenges. Despite delays in project approvals that deferred a few key launches into the next fiscal, the final quarter saw strong traction in sales and an encouraging uptick in realisations. " The appetite for quality real estate remains robust, as evidenced by the outstanding response to the company's recent launches, he added.
"Our focus on customer-centric offerings and premium positioning has also translated into meaningful growth in per square foot realisations. FY26 is set to be a defining year for Prestige Group as we expand into newer markets, launching marquee projects in NCR and Mumbai and achieving our maiden residential completions in Mumbai," Razack said.
"With approvals progressing and the demand environment holding steady, we are optimistic about scaling new heights in the coming year and deepening our presence across key geographies," Razack had said.
