South India’s leading developer Prestige Estate Projects Ltd is set to enter NCR real estate market. The firm is planning to launch a middle-income housing project in Noida and a commercial project in Gurugram.
Venkat K. Narayana, the chief executive of the real estate firm, recently declared that the company’s plans. The company is planning to execute the NCR’s maiden projects through partnerships and joint ventures.
“There can’t be a better time for us to diversify our portfolio and enter new markets such as the NCR. Our strategy is long-term,” Narayana told Live Mint. “We are also actively looking at growth through acquisitions, both in the office and residential space.”
The housing project in Noida will be spread across 22-acres.
Prestige Estate has been pursuing the middle-income housing projects quite aggressively. Overall, the company is in the process of building 57 projects with a developable area of around 62 million square feet. Apart from these, the firm also has a pipeline of 31 upcoming projects spread over 43 million square feet, according to the 2017-18 annual report.
Earlier this year, Prestige had announced a Rs 2,500 crore residential joint venture agreement with HDFC Capital Advisors Ltd to build a mid-income housing portfolio. The first project under this agreement will be 185-acres Sarjapur Road, Bengaluru, housing project, for which about Rs 256 crore will be drawn from HDFC.
With the announcement, Prestige has joined the slew of South Indian leading developers who are now treading in the NCR real estate market. These include Godrej Properties Ltd, Tata Housing Development Co., Mahindra Lifespace Developers Ltd., and Shapoorji Pallonji Real Estate.
Fall in land prices post demonetization is seen as the prime factor behind the shift of interest of South Indian developers towards Delhi and NCR markets.