Prestige Group plans to set up $500 million investment funds

15 Feb 2022 CW Team

The Prestige Group plans to set up and manage two real estate-focused alternative investment funds (AIF) worth $500 million to purchase land to fuel its residential business.

The funds will be targeted at institutional investors and high net worth individuals (HNIs). The investors will review the stressed residential projects and those that have gone to the National Company Law Tribunal (NCLT).

For the proposed AIF funds, Prestige Estates will be the sponsor, while the institutional investors will be the co-sponsors.

The proposed funds will invest in real estate projects in the top six markets, including Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, National Capital Region (NCR) and Ahmedabad.

The funds will help in business growth and build land banks across cities.

Prestige Estates witnessed residential sales of nearly Rs 7,300 crore for the third quarter (Q3) of FY22 and expected Rs 10,000 crore at the end of the year, despite the challenges faced during the Covid-19 pandemic.

The company has about 83 million sq ft of residential projects under construction or in the pipeline. The company's net debt stood at Rs 4,171.50 crore, having an average borrowing cost of 9.38%.

Image Source

Also read: Prestige Group to buy TVS' Anna Salai land for Rs 600 cr

Real Estate

17 Sep 2025

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Govt Plans Six-Month Import Relief for E-Bus, Truck Makers

The government is considering a six-month relaxation for electric bus and truck manufacturers, allowing them to import fully assembled motors containing heavy rare earth materials without losing eligibility for incentives under the Rs 109-billion PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme.The relief is expected to benefit companies such as Tata Motors, Ashok Leyland, PMI Electro Mobility, JBM Auto, EKA Mobility, Olectra Greentech, Propel, and IPLT Demo. The exemption will apply provided all other localisation requirements are met.However, officials clari..