Prestige Estates: Real estate company Prestige Estates Projects Limited will invest around Rs 7,000 crore to develop a township in Ghaziabad. The company wants to expand business in the property market of the National Capital Region-Delhi. Bengaluru-based Prestige Estates is building a commercial project in Aerocity of the national capital. It has entered the housing market of Delhi-NCR by acquiring three pieces of land in Delhi, Noida,, and Siddharth Vihar in Ghaziabad.

Optimistic about the Delhi-NCR housing market

Prestige Group chairman and managing director (CMD) Irfan Razak is optimistic about the Delhi-NCR housing market. He said if the company can acquire land consistently, there is a possibility of selling housing worth Rs 10,000 crore annually. In March, Prestige Estates Projects acquired 62.5 acres of land in Siddharth Vihar, Indirapuram Extension, Ghaziabad to develop a township.

The project cost will be around Rs 6,000-7,000 crore

The township project 'Prestige City' is expected to be launched in this quarter after getting all the necessary approvals. When asked about the project cost, he said it would be around Rs 6,000-7,000 crore. Razak said the land has already been purchased and the construction cost will be met by raising funds from customers based on sale bookings.