Bengaluru-based Prestige Group today announced its foray in NCR market with a 62.5-acre mix-use project Prestige City in Indirapuram, Ghaziabad with an aim to rewrite the way real estate is done in NCR. The company said it has sold 1200 units worth Rs 3000 crore within seven days out of the 3421 units launched in the first phase.
Irfan Razack, Chairman and Managing Director, Prestige Group said, “We work with the ethos that what we develop should be meaningful. We build homes for people who can afford and live. We want to rewrite the way real estate is done in the region. We do not want to be the biggest but the best developer in the NCR.”
The company said it has secured all approvals and has begun marketing the first phase- Oakwood and Mulberry- which together represent a Gross Development Value (GDV) of over Rs 9,000 crore. “When the second phase “Mayflower” is launched, it will take the total GDV of the entire residential development to a staggering Rs 12,000 crore.” The company said it will invest around Rs 10,000 crore on the project with Rs 8000 crore on construction alone. The company will develop around 10 million square feet area. A certain percentage of built-up area revenue will go to the JD partner, Razack said.
The project will have a total of 4041 units. The first phase, Oakwood and Mulberry, will feature a combined 3,421 premium homes across 19 towers, offering a sophisticated mix of 2 BHK, 3 BHK, 3 BHK + Home Office, and 4 BHK + Home Office residences, with unit sizes ranging from 1300 sq. ft. to 6,026 sq. ft.
The company is selling homes between Rs 1.5 crore to Rs 4 crore; and will deliver the project in November 2029.
Set across a sprawling 62.5 acres in Indirapuram Extension on National Highway 24, the township is designed to deliver an unparalleled lifestyle, with world-class amenities, two grand clubhouses spread over 100,000 sq. ft., and an integrated Forum Mall covering 1.18 million sq. ft. of retail and entertainment experiences.
It is only the beginning — we are deeply committed to expanding our presence in NCR, and The Prestige City – Indirapuram is the first of many more landmark developments we have planned for this dynamic market. We are confident it will set a new benchmark for the region and redefine what modern living means in NCR, Razack added.
According to PropEquity, new supply rose by 212% to 7012 units in Ghaziabad in 2024 as compared to 2244 units in 2023 while sales rose 11% to 5860 units in 2024 as compared to 5299 units in 2023.
In the first three months of 2025 ending March, Ghaziabad saw the launch of 1400 units and sale of 2184 units.
The weighted average launch price rose by 12% in 2024 to Rs 8841 per sq. ft. up from Rs 7894 per sq. ft. in 2023. The price, however, has risen to Rs 11,000 per sq. ft. in Jan-March 2025.
