Prestige Estates launches Rs 10K cr project in NCR

Prestige Estates Projects Ltd has announced an investment of approximately ₹10,000 crore over the next six years to develop a 62.5-acre integrated township in Ghaziabad, Uttar Pradesh.

This ambitious project, named ‘The Prestige City, Indirapuram’, marks the company’s foray into the region’s residential sector, aiming to set new benchmarks in quality and timely delivery. The township is planned to encompass around 10 million square feet of built-up area, including 4,041 residential units and an 800,000 square foot shopping mall. The development will be executed in two phases, with the first phase comprising 3,421 apartments across 19 towers, offering a mix of 2 and 3 BHK homes, as well as 3 and 4 BHK units with home office spaces. Unit sizes will range from 1,300 to 6,026 square feet, catering to diverse buyer preferences.

The project has already witnessed robust demand, with 1,200 units sold within the first week of launch, generating sales exceeding ₹3,000 crore. Apartments are priced between ₹1.5 crore and ₹4 crore, reflecting the premium positioning of the development. The total Gross Development Value (GDV) of the project is projected at ₹12,000 crore, with the first phase accounting for over ₹9,000 crore. The construction cost alone is estimated at ₹8,000 crore, with additional expenses for land acquisition and approvals bringing the total investment to around ₹10,000 crore.

Prestige Estates’ entry into the Delhi-NCR residential market is part of its broader strategy to expand its footprint across India’s key urban centres. The company is already developing a commercial project at Delhi’s Aerocity, comprising hotels and office spaces, and is exploring opportunities in other parts of the region, including Gurgaon and Noida The ‘Prestige City, Indirapuram’ project aims to address the demand for high-quality housing in the region, focusing on timely delivery and adherence to regulatory standards. The development will also incorporate sustainable design principles, aligning with the company’s commitment to creating eco-friendly and equitable urban spaces.

This initiative comes at a time when the Delhi-NCR real estate market is witnessing renewed interest from both developers and buyers, driven by improved infrastructure, policy reforms, and a growing preference for integrated townships that offer a blend of residential, commercial, and recreational facilities. By investing in such large-scale, mixed-use developments, Prestige Estates aims to contribute to the creation of sustainable and inclusive urban communities, setting a precedent for future projects in the region and beyond.

Prestige Estates launches Rs 10K cr project in NCR