Prestige buys land in Bengaluru for Rs 450 cr

(25 Second Reading) Realty firm Prestige Estates Projects Ltd on Thursday (April 4) said it has acquired approximately 21 acres of prime land in Whitefield, Bengaluru for ?450 crore.

The acquired land will be planned for residential development spanning approximately 4 million square feet of developable area, comprising around 1,800 apartments, Prestige Estates Projects said in a regulatory filing.

Irfan Razack, Chairman and Managing Director of Prestige Group, said, “The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 Mn Sft of developable area, with a projected Gross Development Value (GDV) of Rs.4,500 crore.”