Prestige Group inks JV with DB Realty to develop hospitality-led project in Delhi
Realty developers Prestige Group and DB Realty have entered into a joint venture to develop a hospitality-led mixed use project spread over 7.7 acre land parcel in Delhi’s Aerocity. Prestige Group is planning to build India’s largest hotel and convention centre on the said land parcel.
The 50:50 joint venture will develop total 2 million sq ft project with total 932 hotel rooms, 6.45 lakh sq ft office space apart from a 2 lakh sq ft convention centre. The deal marks Bangalore-based Prestige Estates NSE -1.52 % Projects’ entry into the Delhi market.
Total project cost is estimated to be around Rs 2,000 crore, which is the balance required to complete the project and Prestige will bring in Rs 355 crores for 50% equity stake in this joint venture.
This strategic collaborative model will help us make an impactful entry into NCR region. We are committed to capitalize on our core business to drive decisive growth. We will continue to invest and leverage our expertise to build a wide range of real estate developments across key locations in India,
– Irfan Razack, Chairman, Prestige Group.
According to Razack, this transaction is in line with the company’s strategy of steady, focused acquisition, and capitalising on consolidation ..
Read more at: Economic Times