Bengaluru-based developer Prestige Group has entered into joint venture (JV) with WS Industries Limited to develop a 6.53 acre IT park in western Chennai, the company said in a regulatory filing on July 5. The project will be located in the prime area of Mount Poonamalle Road.
The Prestige Group has entered into the JV through its wholly-owned subsidiary Prestige Exora Business Parks Limited. WS Industries plans to implement the project through its subsidiary WS Insulators Private Limited, the filing said.
WS Industries has confirmed the developments to Moneycontrol. Prestige Group could not be reached for comments.
Sources have confirmed that the development potential of the project is more than 1 million square feet (msf). The regulatory filing does not mention the sale value.
Last month, Prestige Group completed two strategic acquisitions — Prestige (BKC) Realtors Private Ltd and Turf Estate Joint Venture LLP — from the DB Group for Rs 1,176 crore.
In April, the developer bought a land parcel worth Rs 187.50 crore in Bengaluru, documents accessed by CRE Matrix, a real-estate data analytics firm, showed.
Tamil Nadu-based WS Industries focuses on domains like software technology parks, special economic zones, and export-oriented units (EOUs), among other sectors.
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