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India's Prestige lays out growth plans following GIC, HDFC deals

Bengaluru, India-based property developer Prestige Group is planning to build a new portfolio of mid-income residential properties and entering the largest real estate markets in the country, located in the National Capital Region and Mumbai, India's Mint reported.

According to the March 7 report, Prestige Estates Projects Ltd.'s parent is embarking on the initiative after signing a 25.00 billion-Indian-rupee joint venture deal with HDFC Capital Advisors Ltd., as well as landing a term sheet with GIC (Realty) Pte. Ltd. to sell a 40% interest in an office project portfolio for about 20.00 billion rupees.

Chairman and Managing Director Irfan Razack told the publication that the office development business presents a huge potential to the company as it sets its sights on exploring possible office and residential projects in different geographies.

The paper noted that Prestige is in discussions for a development project in Mumbai and has made a deal to acquire a 25-acre site in Noida intended for mid-income residential assets, apart from its new Pune and Hyderabad projects, all in India. The report added that the company has the potential to launch a 35 million-square-foot pipeline, from which 12-15 million square feet will come online over the next year.

Razack said Prestige is looking at land parcels in Chennai, Bengaluru and Hyderabad, in addition to the NCR and Mumbai, as the executive disclosed the company's plan to invest near India's most major cities. According to Mint, the Prestige-HDFC joint-venture platform could be launched through a 180-acre land plot that the developer owns along Sarjapur Road in Bengaluru.

As of March 7, US$1 was equivalent to 64.91 Indian rupees.