Prestige Estates Has Acquired 17.45 Acres of Land in Bengaluru

Prestige Estates Projects is in the news with a brand-new acquisition: 17.45 acres of land in Bengaluru’s Whitefield, worth a major Rs.462 crore. Positioned right next to their Prestige Raintree Park, this plot will soon transform into a massive residential development, promising around 2.68 million square feet of fresh living space in one of the city’s most popular neighbourhoods.

Bringing More Under Their Roof

This isn’t just a land deal; Prestige Estate is taking full control over key partner firms to streamline this and future projects. They’ve secured:

• 25% of K2K Infrastructure for Rs.7.5 crore,
• 27% of Prestige Garden Estates for Rs.214.38 crore,
• 40% in Apex Realty, and 49% in Prestige Acres for Rs.331 crore.

On top of that, Prestige raised its stake in Prestige Projects to 76%, pumping in another Rs.494 crore to bring a majority share. This tightens their hold on these ventures, making project management smoother.

The Numbers Side of Things

Financially, Prestige Estates has seen a mixed bag this year. In Q1FY25, net profits dropped by 12.85% to Rs.232.6 crore, though revenue grew by 10.78%, reaching Rs.1,862.1 crore. They took a hit in Q2FY25, with sales dropping 43% to Rs.4,023 crore, yet the average realization for properties saw a decent 33% uptick, standing now at Rs.13,782 per sq. ft. for residential and commercial spaces.

Prestige Estates shares are currently trading at Rs.1,612.65, down by 2.57% today, but up 35.67% year-to-date and a huge 114.65% over the past year.

Conclusion: In conclusion, with projects across 13 cities, Prestige Estate is blending residential, office, retail, and hospitality spaces to fit the demands of India’s urban hubs. This Whitefield purchase is more than just adding to their portfolio; it’s a leap forward in Prestige’s vision to bring premium, community-focused spaces to life.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.