Prestige Estates to invest Rs 350 cr on Pune project

Bengaluru-based realty firm Prestige Estates Projects will invest about Rs 350 crore to develop a commercial project in Pune, a senior company official said.

The project will be developed in a joint venture with a local firm, Prestige Group CEO Venkat K Narayan said.

“We are developing a one million sq ft office complex in Pune. This will be our first project in this city,” he said.

Asked about the investment, he said about Rs 350 crore would be required for the construction of the project.

Narayan said the project is expected to be completed in the next three years.

Prestige Group has completed 107 office complexes comprising 33 million sq ft area. As many as 13 projects covering 12 million sq ft area are under construction.

The company earns a rental income of Rs 602.7 crore from its leased office portfolio of nearly 9 million sq ft. Prestige is also foraying into the Delhi-NCR market and has tied up with local developer Ace Group to launch its first housing project in Noida with an investment of around Rs 500 crore on construction.