Prestige Group enters NCR with INR 9,000 crore Indirapuram project

Prestige Estates Projects has officially entered the National Capital Region (NCR) residential market with the launch of ‘The Prestige City – Indirapuram,' comprising Oakwood and Mulberry phases. This project, representing a Gross Development Value (GDV) of over INR 9,000 crore, signifies a major expansion for the company. The residential development will eventually consist of two phases named Oakwood and Mulberry, and Mayflower, with a total GDV of INR 12,000 crore. Located in Indirapuram Extension on National Highway 24, this sprawling 62.5-acre township will offer 3,421 premium homes across 19 towers, combining 2 BHK, 3 BHK, 3 BHK + Home Office, and 4 BHK + Home Office residences, ranging from 1,681 sq. ft. to 6,026 sq. ft. The township will feature world-class amenities, two grand clubhouses spread over 100,000 sq. ft., and an integrated Forum Mall covering 1.18 million sq. ft. of retail and entertainment experiences. The company has also issued a corporate guarantee for a loan facility being availed by its subsidiary, Prestige Falcon Mumbai Realty Private Limited, with a maximum amount of INR 750 crore. The issuance of the corporate guarantee is to help secure the Loan Facility. According to Prestige Group, the impact of this guarantee on the company as a listed entity is a contingent liability with no impact on the Company at the moment. The project has received approval from the Real Estate Regulatory Authority (RERA)