Prestige Estate Projects Ltd Bought 8.3 Acres Of Bangalore Land For A Lump Sum Amount Of Rs. 345 Crores

A good deal is to be focused at with the help of Prestige estate values, which already made it a plan to get hold of the new record of Rs. 345 crores for buying land in Bangalore, with special notes towards Bellandur. Also known as the southern high name of the real estate forum, Prestige Estate Projects Ltd. plans to clinch a big deal of the area of 8.3 acres, associated with prime land. This is associated with the German conglomerate associated with the Southern zone of Bangalore, and it will come up to a lump sum amount of Rs. 345 crore. This has turned out to be big news of the lot.

With Rs. 43 crores on per acre deal, this land transaction can be defined as the biggest option of the IT capital of the country and this is also going to create a podium for some of the big deals, for the upcoming times. Moreover, this transaction can also be defined as the largest per acre deal, which has been done by Prestige in their history, revolving around 3 decades, on the cards. According to the big CEO and broker head of this firm, “I cannot remember anything like this big, for quite some time now as this is the biggest of the lot. This transaction can also be stated to be a record payment, as part of the city center option of a land parcel, ever made.”

Bangalore came up with different types of outright land acquisitions, but according to all, this seems to be the best and foremost option, on the cards. The developers of the city solely deal with the joint development segments, associated with their project’s portfolios. However, as the prestige’s land buying segment became a topmost deal to focus at, VGN developers are not quiet behind. They had recently bought the land for 1.5 crore for the Tata Communication land parcel, and it can be seen in the hearts of Chennai, last year, with a total of Rs. 200 crore. However, prestige is now leading the chart for sure.

As per the comment made by the CMD, the transaction is going to be financed with the help of debt, as well as internal accruals. They are mostly looking now for mixed use project segment and have already started to draw a master plan for all to deal with. The share of this company hiked up to a percentage of 1.48 and as a close rate of Rs. 242.90, in the reliable Mumbai market, as the news was placed recently. The transaction is going to be focused by the country’s largest consultancy firm.

Prestige is planning to construct an empire of 1.17 million spaces with FSI of the 3.25 value. There are some special provisions for the zone of public works as widening of the road, and more. Moreover, it is also going to add some of the TDR values, making it a little more than the preceding value of 1.5 million building spaces. This has now turned out to be a hot piece of news for all to share.