Prestige to come up with a residential project in Koramangala: Acquires land from Siemens
There seems to be an uptick in the real estate market and the developers are gearing up to launch new residential and commercial projects. Many real estate players are selling off their assets to monetise funds for their on-going projects and reduce the debt burden. In short there is activity in the otherwise sluggish real estate sector which was reeling under liquidity crunch, poor sales and demand slump in the last few years.
Prestige City Properties, an arm of real estate company Prestige Estates, has bought 8.5 acres in Bangalore from Siemens for Rs 345 crore. This land parcel is located at Koramangala, the most prime location in Bangalore across the Forum Mall which was one of the first malls to be built in Bangalore.
Siemens’s spokesperson in a stock exchange notification mentioned that the company continues to optimise its assets and this sale was a part of the same exercise.
Prestige group which had built the Forum mall too is planning a mixed-use development, but mainly residential.
The group has 171 completed projects aggregating 52.39 million square feet and 63 on-going projects with 59.47 million square feet of developable area. These projects are located in major South Indian cities and cover residential, commercial, retail and hospitality sectors. This upcoming project will be another feather in the cap for the prestigious prestige estates.
This good news had a positive ripple in the share market and the shares of Prestige Estates rallied 5 % intraday on Friday.
Source- The Hindu Business Line
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