Prestige buys out partner in Prestige Pallavaram venture

Bengaluru-based property developer Prestige Estate Projects said it has increased its stake in partnership firm Prestige Pallavaram Venture to 100% from 51% for Rs 100 crore. Prestige Pallavaram plans to develop a 3.8 million sq ft residential project in Chennai, which is due to be launched by January.

“The deal between the landowner and Prestige got concluded earlier this week,” said Venkat K Narayan, CEO of Prestige Group.

“The project is in the approval stage.”


The real estate firm has reported a 1% year-on-year rise in consolidated net profit at Rs 91 crore for the quarter ended September.

Total income for the quarter fell 5% to Rs 1,112 crore, the company said. “Despite no new launches, we had a sale of Rs 800 crore in the second quarter given the current market condition,” said Narayan.

Prestige is developing 44 million sq ft of residential projects, of which the company's share is 29 million sq ft.