In a groundbreaking move, real estate stalwart Prestige Group has secured a monumental residential platform deal worth Rs 2000 crore with Abu Dhabi Investment Authority (ADIA) and Kotak Alternative Investment Fund. This deal, the first and largest of its kind orchestrated by ADIA, signals a significant milestone in both Prestige Group's expansion strategy and ADIA's foray into the Indian real estate market.

The raised capital, structured as a quasi-debt instrument, is earmarked to fuel the growth trajectory of Prestige Group's residential portfolio. With a focus on developing projects with a gross development value (GDV) of Rs 18,000 crore, this infusion of funds is poised to catalyze Prestige Group's expansion across four major Indian cities.

Irfan Razack, Chairman and Managing Director of Prestige Group, expressed profound confidence in the venture, highlighting the shared commitment to excellence in real estate development nationwide. The allocation of funds will primarily target significant residential development endeavors, particularly township projects, which Prestige Group has identified as its core focus.

Venkat K Narayana, CEO of Prestige Group, emphasized the strategic importance of the deal amidst the current market dynamics, citing the imperative for rapid growth and consolidation. The infusion of capital will enable the development of new residential projects in burgeoning areas across Bangalore, Mumbai, Goa, and the National Capital Region (NCR), fostering substantial revenue generation prospects.

This historic deal marks Prestige Group's maiden foray into a platform deal, set to redefine paradigms within the real estate sector. Structured as a joint venture, the collaboration leverages the synergies of all parties involved, heralding a new era of collaboration and innovation in residential development.

In tandem with this landmark deal, Prestige Group has solidified its presence in the NCR region with the acquisition of 62.5 acres of prime land in Indirapuram Extension. This strategic move underscores the company's steadfast commitment to expanding its footprint in key growth markets. Concurrently, Prestige Group has embarked on ambitious residential development projects in Mumbai and Hyderabad, further bolstering its nationwide presence.

With a rich legacy spanning over multiple decades, Prestige Group boasts a formidable track record of successful real estate ventures. The company's diversified business model encompasses residential, office, retail, hospitality, and warehousing segments, with operations spanning more than 12 major Indian cities.