Prestige Estates Ltd. has acquired approximately 17.45 acres of prime land in Bengaluru's Whitefield for Rs 462 crore, a press release stated on Monday.
The acquired land will be "planned for residential development spanning approximately 2.68 million sq ft of developable area", the real estate company said.
The land parcel is located adjacent to the company's recently launched Prestige Raintree Park project, said Irfan Razack, chairman and managing director of Prestige Group.
"This strategic addition not only complements our existing project but also strengthens our vision to create transformative spaces that drive long-term value for our communities and stakeholders," he said.
Notably, in the quarter ended Sept. 30, Prestige Estates had reported a significant 43% decline in year-on-year sales to Rs 4,023 crore. The total sales volume also dropped to 6.84 million sq ft.
On a positive note, the average realisation for apartments, villas, and commercial spaces increased by 33%, reaching Rs 13,782 per sq. ft. However, the average realization for plots saw a slight decrease of 1.5%, bringing it down to Rs 6,654 per sq. ft.
Shares of Prestige Estates closed 3.33 % lower at Rs 1,655.25 apiece on the NSE, compared to a 0.65% higher in the benchmark Nifty 50.
The stock has risen by 40.41% on a year-to-date basis and 121.26% over the past 12 months.
Out of the 19 analysts tracking the company, 16 have a 'buy' rating on the stock and three recommend a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 16.9%.
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