Prestige Group Raises Rs 2,001 Cr Investment

Bengaluru-headquartered realty major - the Prestige Group - has secured an aggregate of Rs 2,001 crore in investment from the Abu Dhabi Investment Authority and Kotak Alternative Investment Fund to finance residential projects across four major cities, the company said in a statement.

These funds will fuel the development of greenfield residential projects across the cities of Bengaluru, Mumbai, Goa, and NCR with a combined gross development value (GDV) of over Rs 18,000 crore, contributing significantly to the top line of the company.

This deal is touted to be ADIA’s maiden investment directly into an Indian residential real estate platform. ADIA has over the years made significant investments into India across a diverse range of assets, including equities, debt securities and so on.

The Prestige Group is positive about closing the financial year 2023-24 with Rs 18,000- 20,000 crore in total sales. This would mark at least a 39% year-on-year growth over the Rs 12,931 crore clocked in FY23.