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Prestige Estates shares rise following the launch of a residential project in Bengaluru

Stocks
2 min Read Sep 26, 2024
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Prestige Estates shares rise following the launch of a residential project in BengaluruPrestige Estates Projects has seen its share price surge following the announcement of a new residential project in Whitefield, Bengaluru. The project, Prestige Pine Forest, promises significant sales potential and highlights the company's commitment to luxury living.

Share price performance

As of 09:25 AM on September 26, shares of Prestige Estates Projects were trading at ₹1,866.10 on the Bombay Stock Exchange (BSE), reflecting an increase of ₹26.05, or 1.42%. This upward trend indicates a positive response from investors following the project launch, which is expected to boost share market investment in the company.

Prestige Pine Forest project details

The Prestige Pine Forest project is an ambitious development covering 9 acres, with a projected sales potential of ₹1,100 crore. Praveer Shrivastava, Senior Executive Vice President of Residential at Prestige Group, shared his enthusiasm for the project, saying, “We are delighted to unveil Prestige Group’s latest architectural marvel that exemplifies our commitment to luxury, comfort, and convenience."

The project aims to set a new standard for quality and craftsmanship, reflecting the group's dedication to providing exceptional living experiences.

Prime location and amenities

Situated in a prime area of Whitefield, the Prestige Pine Forest is designed to become a highly desirable residential community in Bangalore. With its innovative design and top-tier amenities, it is poised to attract a variety of potential buyers, enhancing the overall appeal for share market investment in the real estate sector.

Recent project launches

This new development follows the recent unveiling of Prestige Raintree Park, also located in Whitefield. That project spans 21 acres and offers a remarkable revenue potential of ₹5,000 crore, overlooking the picturesque Varthur Lake. The strategic positioning of these projects suggests a strong demand for high-quality residential options in Bangalore, further incentivising share market investment in Prestige Estates Projects.

Key takeaways

  • Prestige Estates Projects' share price rose to ₹1,866.10 after announcing Prestige Pine Forest.

  • The project spans 9 acres and has a sales potential of ₹1,100 crore.

  • Praveer Shrivastava highlighted the project’s luxurious and innovative design.

  • Prestige Raintree Park is another recent launch, expected to generate ₹5,000 crore in revenue.

  • Both projects are likely to enhance investor interest and share market investment in Prestige Estates.