Prestige Estates to invest Rs 7,000 cr to develop township in Ghaziabad

Realty firm Prestige Estates Projects Ltd will invest around Rs 7,000 crore to develop a township in Ghaziabad as it looks to expand business in Delhi-NCR property market. Bengaluru-based Prestige Estates is building a commercial project at Aerocity in the national capital. It has also forayed into Delhi-NCR housing market by acquiring three land parcels in Delhi, Noida and Siddharth Vihar, Ghaziabad. Prestige Group Chairman and Managing Director Irfan Razack is bullish on Delhi-NCR residential market and said there is a potential to achieve Rs 10,000 crore worth of housing sales annually if the company is able to acquire land parcels consistently. In March, Prestige Estates Projects acquired 62.5 acres at Siddharth Vihar, Indirapuram Extension, Ghaziabad to develop a township. The township project 'Prestige City' is expected to be launched this quarter after getting all the necessary approvals. "We bought this land parcel for more than Rs 450 crore. We will be developing 10 milli

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