Prestige Group JV Buys Chennai Land for ₹561 Cr Project
Overview
Prestige Estates Projects' joint venture firm has acquired 16.38 acres of land in Padi, Chennai, for ₹561 crore from Sundaram-Clayton. The strategic purchase fuels Prestige Group's expansion in prime urban locations, paving the way for future residential and mixed-use development projects. This move significantly bolsters the developer's pipeline in key Indian markets.
Stocks Mentioned
Strategic Land Acquisition in Chennai
Prestige Estates Projects Ltd's joint venture firm has agreed to purchase a significant 16.38-acre land parcel in Padi, Chennai, for ₹561 crore. Sundaram-Clayton Ltd is the seller. The deal, formalized on January 8, aligns with Prestige Group's strategy to bolster its presence in prime urban centers and develop future real estate projects.
Financial Deal Breakdown
The total sale consideration is ₹561 crore. An advance of ₹25 crore has been received by Sundaram-Clayton. The balance ₹535.67 crore is due upon execution of the sale deed.
Prestige Group's Expansion Strategy
This acquisition is crucial for Prestige Group, one of India's leading developers. It supports their aim to expand their portfolio of residential and mixed-use developments. The company boasts a substantial pipeline and a strong delivery track record across the country.
