Prestige Estate Projects share price broke two-day losing streak, trading higher in the early trade on June 30 following the joint venture company is going to acquire a land parcel in Chennai.
At 09:23am, Prestige Estates Projects was quoting at Rs 1,675.30, up Rs 8.60, or 0.52 percent, on the BSE.
Prestige Group and Arihant Group have entered into an agreement to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai from Rane Madras, company said in its release.
The said acquisition will be undertaken through their joint venture entity, Canopy Living LLP, it added.
On the said land the company will develop a premium residential houses with a total development potential of approximately 7.5 lakh square feet and an estimated gross development value (GDV) of over Rs 1,600 crore.
Located in one of Chennai’s most prominent and well-connected neighbourhoods, the site benefits from excellent access to IT corridors, social infrastructure, and thriving residential communities-making it a compelling location for high-end urban living, company said.
“Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments. Our partnership with Arihant in the region reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles. Together, we aim to set new benchmarks in the city’s real estate landscape,” said Irfan Razack, Chairman and Managing Director of Prestige Group.
Catch all the market action on our live blog
The share touched a 52-week high of Rs 1,971.00 and a 52-week low of Rs 1,048.30 on 17 September, 2024 and 07 April, 2025, respectively.
Currently, the stock is trading 15.44 percent below its 52-week high and 58.99 percent above its 52-week low.
The market capitalisation of the company stands at Rs 71,789.81 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
