Prestige Estates Projects zooms 5% on acquiring 62.5 acres in NCR

Prestige Estates Projects: The acquired land will be developed primarily as residential and will be branded under the ‘The Prestige City’ format.

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The share price of Prestige Estates Projects rallied more than 5 percent in early trade on March 22 after the company acquired 62.5 acres of land in Indirapuram Extension, NCR.

At 9:55am, Prestige Estates Projects was quoting Rs 1,104.95, up Rs 57.00, or 5.44 percent, on the BSE.

The acquired land will be developed primarily as residential and will be branded under the ‘The Prestige City’ format.

The cost of acquisition amounts to Rs 468 crore, along with a revenue share.

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Earlier this month, the company announced the launch of a luxury residential project, Prestige Somerville, in Whitefield, Bangalore, spread over 6.5 acres with a revenue potential of Rs 800 crore.