Prestige Estates Projects share price jumps 7% on land acquisition in NCR's Indirapuram Extension for ₹468 crore

Prestige Estates Projects share price surged nearly 7% on Friday's session following the acquisition of 62.5 acres at Indirapuram Extension in Delhi-NCR to create a township with a potential income of ₹10,000 crore. In addition to sharing revenue with the landlord, the company reported that the acquisition cost came to ₹468 crore. Prestige Estates Projects share price opened at an intraday low of ₹1,065 apiece and touched an intraday high of ₹1,118.95. 

According to Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One, the realty space has shown strength this week, and the stock prices of prestige estate as well have performed well, particularly in today's session when prices are up by over 4%. This bounce in the near term can extend with ₹1,150 as the next potential resistance and ₹1,000 as support.

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As it broadens its presence in the vibrant Delhi-NCR real estate market, the company stated in a regulatory filing that this strategic purchase represents an important turning point for Prestige Group.

The 10 million square feet of saleable property that has been bought will mostly be used for residential development, with additional space going towards retail and education.The project is set to follow the popular 'The Prestige City' brand.

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"This large-format project spans over 10 Mn Sq. Ft. of saleable area, with a projected Gross Development Value (GDV) surpassing ₹10,000 Cr showcasing our commitment to diversifying our sales portfolio and expanding footprints. We look forward to launching the project within the next two quarters and completing the development in 4 years," said Venkat K Narayana, Group CEO of Prestige Group. 

For the quarter that concluded in December, Prestige Estates Projects Ltd. saw a little rise in net profit of ₹164.7 crore. Its net profit for the previous year was ₹161.7 crore.However, the total income decreased from ₹2,347.5 crore in the same time last year to ₹1,970.5 crore in the third quarter of current fiscal year.

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