Prestige Estates Projects’ subsidiary Prestige City Properties has bought 8.5 acres in Bangalore from Siemens for Rs 345 crore. The land parcel is located at Koramangala, across the Forum Mall, built by the Prestige group. Further, the Prestige group is planning a mixed-use development, but mainly residential. The group has 171 completed projects aggregating 52.39 million sq ft and 63 ongoing projects with 59.47 million sq ft of developable area.
Moreover, Siemens has sold the land parcel in Bangalore to the company as part of a continuous asset optimisation exercise.
Prestige Estate Projects commenced operations as a partnership firm constituted under the Indian Partnership Act, 1932 on April 1, 1986 under the name and style of Prestige Estates and Properties.
