Ghaziabad, India – Prestige Estates Projects Ltd. has announced the launch of 620 premium residential apartments in Ghaziabad, Uttar Pradesh, with a projected revenue of Rs 2,200 crore. This move marks a important expansion for the Bengaluru-based developer into the thriving delhi-National Capital Region (NCR) real estate market.
Expanding Presence in Delhi-NCR
Table of Contents
- 1. Expanding Presence in Delhi-NCR
- 2. Strong Sales Performance Fuels Growth
- 3. The Growing Appeal of Integrated Townships
- 4. Frequently Asked Questions About Prestige Estates’ Expansion
- 5. What potential return on investment (ROI) can investors expect from this project, considering Ghaziabad’s current real estate trends?
- 6. Prestige Group’s New Ghaziabad Project: A Deep Dive into the Rs 2,200 Crore Development
- 7. Project Details: 620 Homes in Ghaziabad
- 8. Location Advantages: why Ghaziabad?
- 9. Investment Potential: A Lucrative Opportunity
- 10. Prestige Group’s Track Record: A History of Excellence
- 11. Understanding Ghaziabad Real Estate trends (2024-2025)
- 12. Practical tips for Potential Investors
The new project, named ‘Mayflower‘, constitutes the second phase of ‘The Prestige City, Indirapuram‘, a larger 62.5-acre township initiated in April of this year. The first phase,consisting of the ‘Oakwood’ and ‘Mulberry’ housing projects comprising 3,421 units,saw nearly complete sales,driving the company to accelerate development with this latest offering.
Praveer Shrivastava, Senior Executive Vice President of Residential at Prestige Group, confirmed the estimated gross development value (GDV) of ‘Mayflower’ is approximately Rs 2,200 crore. The township itself is strategically located in indirapuram Extension along National Highway 24, a rapidly developing corridor.
Strong Sales Performance Fuels Growth
This launch comes on the heels of a remarkably triumphant six-month period for Prestige Estates. Recent reports indicate a 50 percent surge in sales bookings, reaching Rs 6,017.3 crore in the second quarter of the current fiscal year, fueled by robust demand for housing across various markets.
According to a recent filing, the company’s increased sales are attributed to sustained demand. Sales volume for the September quarter reached 4.42 million square feet, a 47 percent year-over-year increase, representing 2,069 units sold during the July-September period.
| Metric | Current Quarter (July-Sept) | Year-over-Year Change |
|---|---|---|
| Sales Volume | 4.42 million sq ft | +47% |
| Units Sold | 2,069 | N/A |
| Average Realization (Apartments) | Rs 14,906/sq ft | +8% |
| Average Realization (Plots) | Rs 9,510/sq ft | +43% |
The average sale price for apartments has risen by 8 percent annually to Rs 14,906 per square foot, while plot prices have experienced a significant 43 percent increase, reaching Rs 9,510 per square foot. For the first half of the fiscal year, Prestige Estates has reported record sales of Rs 18,143.7 crore, a considerable 157 percent increase year-over-year, even surpassing the total sales achieved in the entirety of the previous fiscal year.
Irfan Razack,Chairman and Managing Director of Prestige Group,highlighted the outstanding performance of the first half,emphasizing strong collections and contributions from key markets including Bengaluru,NCR,and Mumbai.
Did You Know? The Indian real estate sector witnessed a 9% growth in property prices in the first half of 2024, driven by strong demand and positive economic sentiment, according to a recent report by Knight Frank india.
Pro Tip: When considering a real estate investment, always factor in potential infrastructure developments in the area, as these can significantly impact property values.
The Growing Appeal of Integrated Townships
The success of ‘The Prestige City, Indirapuram’ underscores a growing trend in the Indian real estate market: the increasing preference for integrated townships. These developments offer residents a holistic lifestyle with access to a range of amenities,including residential spaces,commercial hubs,schools,hospitals,and recreational facilities. This convenience and self-sufficiency are particularly appealing to modern homebuyers.
Frequently Asked Questions About Prestige Estates’ Expansion
- What is the estimated revenue from the ‘mayflower’ launch? The estimated revenue is Rs 2,200 crore.
- Where is ‘The Prestige City,Indirapuram’ located? It is indeed located in Indirapuram Extension,along National Highway 24 in Ghaziabad,Uttar pradesh.
- How many units were sold in the first phase of the township? Approximately 3,421 units were sold in the Oakwood and Mulberry projects.
- What has been the recent sales performance of Prestige Estates? Sales bookings increased by 50% to Rs 6,017.3 crore in the second quarter of the current fiscal year.
- What is driving the demand for Prestige Estates’ properties? Robust demand across markets and segments, coupled with the appeal of integrated townships, is boosting sales.
What are your thoughts on the future of integrated townships in India? Share your comments below!
What potential return on investment (ROI) can investors expect from this project, considering Ghaziabad’s current real estate trends?
Prestige Group’s New Ghaziabad Project: A Deep Dive into the Rs 2,200 Crore Development
The Prestige Group, a leading name in Indian real estate, has announced a important investment in Ghaziabad wiht the launch of a new residential project comprising 620 homes, valued at over Rs 2,200 crore.This development is poised to reshape the Ghaziabad real estate landscape and offers a compelling opportunity for homebuyers and investors alike. This article provides a complete overview of the project, it’s features, location advantages, and potential investment benefits.
Project Details: 620 Homes in Ghaziabad
This ambitious project by Prestige Group isn’t just about numbers; it’s about creating a lifestyle. Here’s a breakdown of key details:
* Total units: 620 residential units.
* Project Value: Rs 2,200+ crore.
* Unit Types: A mix of apartment sizes, likely ranging from 2 BHK to 4 BHK configurations, catering to diverse family needs. (Specific configurations will be confirmed upon official release of detailed plans).
* Expected Possession: Dates are yet to be officially announced, but industry estimates suggest a timeline of 4-5 years, typical for large-scale developments.
* Amenities: Prestige Group is known for its world-class amenities. Expect features like:
* Swimming pools
* state-of-the-art fitness centers
* Clubhouses
* Landscaped gardens
* Dedicated children’s play areas
* 24/7 security
Location Advantages: why Ghaziabad?
Ghaziabad’s strategic location and rapid infrastructure development make it a prime real estate destination. This Prestige project benefits from several key advantages:
* Connectivity: Excellent connectivity to Delhi via road and metro networks. The project’s proximity to major highways like the Delhi-Meerut Expressway is a significant plus.
* Industrial Hub: Ghaziabad is a major industrial hub, attracting a large working population, driving demand for residential properties.
* Educational Institutions: Presence of reputable schools and universities in and around Ghaziabad.
* Healthcare facilities: Access to quality healthcare with numerous hospitals and clinics in the vicinity.
* Rapid Development: Ghaziabad is undergoing significant infrastructure upgrades,including improved road networks and public transportation,enhancing its livability.
* NCR Advantage: Being part of the National Capital Region (NCR) provides access to a wider range of employment opportunities and lifestyle options.
Investment Potential: A Lucrative Opportunity
Investing in this Prestige Group project presents a compelling opportunity for several reasons:
* Brand Reputation: Prestige Group is a highly respected and trusted name in the Indian real estate market, known for delivering quality projects on time.
* Capital Thankfulness: Ghaziabad’s real estate market has been steadily appreciating, and this project is expected to benefit from further growth. Property values in Ghaziabad are projected to increase due to ongoing infrastructure development and population growth.
* Rental Income: The demand for rental properties in Ghaziabad is high, offering potential for a steady stream of rental income.
* Long-Term Investment: Real estate is generally considered a safe and reliable long-term investment, and this project is no exception.
* RERA Compliance: Expect the project to be RERA (Real Estate Regulatory Authority) compliant,ensuring clarity and protecting investor interests.
Prestige Group’s Track Record: A History of Excellence
Prestige Group has a proven track record of delivering prosperous real estate projects across South India, and increasingly, in North India. Some notable projects include:
* Prestige shanti niketan (Bangalore): A luxury residential complex known for its spacious apartments and premium amenities.
* Prestige Lakeside Habitat (Bangalore): An integrated township offering a wide range of housing options and lifestyle facilities.
* Prestige Palladium (Bangalore): A high-end commercial development.
This consistent delivery of quality projects builds confidence in their new Ghaziabad venture.
Understanding Ghaziabad Real Estate trends (2024-2025)
The Ghaziabad real estate market has witnessed significant growth in recent years. Key trends include:
* Increased Demand for Affordable Housing: While luxury segments are performing well, there’s a strong demand for mid-segment and affordable housing options.
* Preference for Integrated Townships: homebuyers are increasingly seeking integrated townships that offer a complete lifestyle with all necessary amenities within reach.
* rise in Demand for Larger Apartments: Post-pandemic, there’s a growing preference for larger apartments with dedicated spaces for work and recreation.
* Focus on Sustainability: Eco-friendly and sustainable housing options are gaining popularity.
This Prestige project is likely to incorporate these trends, offering a modern and desirable living experience.