Prestige Group Launches ₹12,000 Cr Township in Ghaziabad, Marks NCR Residential Debut

Prestige Estates Projects Ltd is making a strategic foray into the Delhi-NCR residential market with a large-scale township development in Ghaziabad. Spanning 62.5 acres in the Indirapuram Extension along National Highway 24, the project is expected to generate ₹12,000 crore in revenue, reinforcing the company’s ambition to strengthen its footprint across key urban centres in North India.

The township, titled *The Prestige City, Indirapuram*, marks the company’s first major residential development in NCR. It complements the group’s ongoing commercial project in Delhi’s Aerocity, signalling a well-rounded expansion approach in the region. 

The first phase of the township includes two residential clusters, Oakwood and Mulberry, which together contribute a Gross Development Value (GDV) of ₹9,000 crore. This phase will offer 3,421 homes across 19 towers, with unit sizes ranging from 1,681 sq ft to 6,026 sq ft. These apartments are aimed at mid-to-high-income homebuyers seeking spacious layouts and access to integrated urban amenities.

Once the second phase, Mayflower, is launched, the GDV for the entire township is projected to cross ₹12,000 crore. Prestige Group has already secured all regulatory approvals for the development and has begun active marketing of the first phase. The project reflects Prestige's hallmark of large-format, integrated townships offering a blend of residential, retail, and lifestyle elements.

Prestige Estates’ Chairman and Managing Director, Irfan Razack, views the Ghaziabad township as a key milestone in the company’s pan-India growth trajectory. He sees it as a reflection of Prestige’s focus on scale, integrated living, and strategic market entry. The company has built a strong presence in South India over the past three decades and is now targeting new growth corridors in the West and North.

The foray into NCR comes at a time when Prestige is navigating a complex market landscape. In FY2024-25, the company’s annual sales bookings fell by 19 per cent to ₹17,023 crore—well below the projected ₹24,000 crore—largely due to approval delays that held back several key launches. Sales volumes also declined 38 per cent year-on-year to 12.58 million sq ft, with a total of 5,919 units sold across all asset classes.

Despite these setbacks, Prestige saw notable improvements in price realisation. The average rate for apartments, villas, and commercial properties rose to ₹14,113 per sq ft—a 36 per cent increase year-on-year. Plot sales also showed strong performance with a 50 per cent jump in average realisation to ₹7,167 per sq ft.

Mr. Razack attributed the lower launch volume in FY25 to regulatory bottlenecks, but emphasised that market sentiment remained positive. The fourth quarter witnessed a recovery in both bookings and buyer interest, especially for premium projects. He underscored the company’s continued focus on delivering customer-centric offerings that align with evolving buyer preferences, particularly in terms of quality, space, and community-centric design.

Looking ahead, FY26 is shaping up to be a transformative year for Prestige Group. The company is gearing up to launch marquee projects in Mumbai and NCR, while also achieving its first residential completions in the Mumbai market. With project approvals progressing and demand holding firm, Prestige expects to accelerate growth and deepen its presence across India’s high-opportunity real estate hubs.