During the Friday session, the shares of the property builder Prestige Estates, witnessed an over 6% surge in price, making it one of the top gainers on the Bombay Stock Exchange. Reacting to the announcement that, through pre-agreed revenue sharing, it had acquired 62.5 acres of the township in Indirapuram expansion, Delhi-NCR, the builders’ stock witnessed a price surge.
The cost of the acquisition of 10 million square feet of saleable lands is disclosed for ₹468, with which, through pre-agreed revenue sharing, we will share revenue with the landowners. The company’s shares opened at ₹1,065 per item and touched the upper circuit of the day at ₹1,119.40.
This marks a significant milestone for Prestige Group, as the regulatory filing by the firm indicates becoming a tutor in the dynamic Delhi-NCR and thus expanding its presence.
According to the company’s regulatory filing, the 10 million square foot residential development area will be supplemented by extra space for retail and education. This development will be in line with the distinguished ‘The Prestige City’ brand. After the acquisition, known Group CEO, Venkat K Narayana, said, “We are pleased with this large-format project spanning over 10 Mn Sq. Ft. of sale area, with a projected GDV of over ₹10,000 crore which validates our focus on diversifying the sales book and expanding our footprints. We plan to launch the project in the next two quarters and complete the project within four years.”
Though its net profit rose slightly to ₹164.7 crore for the quarter ending December, the firm’s entire income fell from ₹2,347.5 crore to ₹1,970.5 crore as against the same period the previous year.
As of 10:12 am, the shares were trading 4.18 per cent higher at ₹1,092.50 on the NSE.
