Prestige Acre buys land in Bengaluru for around Rs 187 crore

Last year, Prestige Estate Projects bought around 26 acres in Bengaluru for Rs 360 crore.

Also READ: Prestige Group to pump at least Rs 7,500 cr to gain foothold in Mumbai

Bengaluru-based realtor Prestige Estates registered record sales of Rs 12,930.9 crore last fiscal, up 25 percent over the previous year, with a development of 15.09 m sq ft (msf), the company had said in a regulatory filing.

"During FY23, the group registered the highest ever collections of Rs 9,805.5 crore (up by 31 percent YoY)," the company added.

Also READ: Prestige Group plans to complete 14 mn sq ft of development in FY22-23; to foray into Noida

The company sold more than 9,600 homes in FY23 and the new launches totalled 26.38 msf, up 57 percent annually. The total completions during the last fiscal year stood at 15.68 msf, a 10 percent rise on-year.

According to a report by global commercial real-estate services and investment firm Coldwell Banker Richard Ellis (CBRE), almost 6,800 acres have been acquired by real-estate developers and investors for more than $12.2 billion between 2018 and 2022 to construct greenfield realty projects.

The consultancy released a report, ‘Indian Real Estate — Betting on a Capital Future’, earlier this month.

Also READ: Why are real estate developers in Mumbai picking up big-ticket land parcels in South Mumbai?

"The land acquisition space has evinced heightened interest, primarily from developers in the recent past. On a cumulative basis, nearly 6,800 acres of land have been acquired by developers and investors during 2018-22," the report said.