PRESTIGE TO INVEST ` 2,000 CR IN FOUR HOUSING PROJECTS

New Delhi, Nov. 22: Realty firm Prestige Estates Projects Ltd will develop four new housing projects in Bengaluru, Goa and Hyderabad with an investment of nearly Rs 2,000 crore amid recovery in demand for residential properties.

The Bengaluru-based company will develop nearly 3,400 housing units in these four projects over the next three-and-a-half years.

"We have launched four new housing projects in the last few months. We are getting very good traction in all these four projects. We have already sold

50 per cent in Hyderabad," Prestige group chairman Irfan Razack told PTI.

Elaborating on these four projects, Prestige Estates executive director-business development Swaroop Anish said the company launched a middle income housing project 'Prestige Tranquil' in Hyderabad early this month.

The project, which is spread over nearly 8 acres and comprises 906 units, will be developed with an investment of around Rs

825 crore, including the land cost, Anish said.

Prestige Estates has started construction work on two housing projects in Bengaluru in joint development with land owners.

The first one 'Prestige Primrose Hills' at Kanakpura Road is an affordable housing project, which is spread over

15.5 acres having 1,680 units. The project cost is pegged at around Rs 475 crore.

The second project in Bengaluru is located at Whitefield named Prestige Waterford. The company is constructing 689 units in this nearly 17-acre project at a cost of around Rs 575 crore.