The share price of Prestige Estates Projects rallied more than 5 percent in early trade on March 22 after the company acquired 62.5 acres of land in Indirapuram Extension, NCR.
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At 9:55am, Prestige Estates Projects was quoting Rs 1,104.95, up Rs 57.00, or 5.44 percent, on the BSE.
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The acquired land will be developed primarily as residential and will be branded under the ‘The Prestige City’ format.
The cost of acquisition amounts to Rs 468 crore, along with a revenue share.
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Earlier this month, the company announced the launch of a luxury residential project, Prestige Somerville, in Whitefield, Bangalore, spread over 6.5 acres with a revenue potential of Rs 800 crore.
