Advertisement
Prestige Group has set a new benchmark in Hyderabad's real estate market by acquiring an 11-acre plot in Knowledge City for INR 1,556.5 crore through a Telangana government auction. Located in Raidurg, near HITEC City and Gachibowli, the land is ideally positioned for premium office development. The auction, which raised INR 3,135 crore in total, saw strong participation from major investors, reflecting Hyderabad's rise as a global business hub. Prestige plans to expand its office portfolio to 30 million sq. ft. by 2028, aiming for INR 3,200 crore in annual rental income. This acquisition strengthens its position in India's fast-growing commercial real estate landscape.
Prestige Group has acquired an 11-acre plot in Hyderabad's Knowledge City for INR 1,556.5 crore, setting a new record for land prices in the city. The acquisition, made through a Telangana Government auction, highlights the city's growing commercial real estate market and the increasing demand for premium office spaces. The auction generated total proceeds of INR 3,135 crore, with multiple high-value parcels attracting both local and global investors. Advertisement
The land, secured by Prestige Group's Special Purpose Vehicle (SPV), is located in Raidurg, a key commercial zone within Knowledge City. Its proximity to HITEC City, Gachibowli, and other business hubs makes it a prime location for office developments. Experts note that HITEC City and surrounding areas have witnessed some of the highest rental growth and the lowest vacancy rates in Hyderabad, reflecting strong market demand.
The Telangana State Industrial Infrastructure Corporation (TGIIC) organized the auction, with JLL acting as the advisor. Another 7.67-acre parcel in the auction was acquired by MSN Realty for INR 1,358 crore, or INR 177 crore per acre. The success of the auction highlights Hyderabad's emergence as a global business hub, attracting investments from institutional and corporate players.
Prestige Office Ventures, the commercial arm of the group, is planning a significant expansion across major cities, targeting an office portfolio of 30 million square feet by 2028 and an annual rental income of INR 3,200 crore by the same year. This acquisition fits into the company's broader strategy of developing high-quality commercial real estate in India's fastest-growing urban centers.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
