Bengaluru based Prestige Group is in advanced negotiations with TDI Infratech to enter into a joint development agreement to develop a 5,100 square yard residential property in Lutyens’ Delhi. The property, owned by TDI Infratech, has a market value of Rs 325-350 crore and an estimated revenue potential of Rs 700 crore, they said.
Prestige Group may opt for eight-nine boutique apartments, marking its entry into Delhi’s residential market. The asset has a loan of about Rs 225 crore on it, which is expected to be cleared by Prestige Group.
The joint development will see Prestige invest the money in the construction of a boutique luxury residential development in Lutyens’ Delhi. The company has signed a term sheet with the owner and is conducting legal due diligence before signing the final agreement. The revenue from the project will also be shared with TDI Infratech.
