Prestige To Invest Rs 355 Cr To Form JV With D B Grp For Delhi Project
New Delhi: Realty player Prestige Estates Projects Ltd is forming a joint venture (JV) with D B Group by investing Rs 355 crore for constructing a Hotel and Convention Centre at DIAL Aero City in Delhi, Prestige said in a statement.
Prestige will pick up 50 percent stake in the JV that will complete the project. DB Group had taken development rights on a land parcel measuring 7.70 acres in 2009 from Delhi International Airport Ltd for the project.
While the excavation work for the project has been completed, the rest of thr wok will be carried out now. It is to be completed by 2022
Once completed, the project will have a hotel with 932 keys, a convention facility of about 2,00,000 sq ft with around 20,000 seating capacity and office spaces with business centre of about 6,50,000 sq ft. The project will have a total built-up area of about 3.5 million sq ft.
“This strategic collaborative model will help us make an impactful entry into NCR region. We will continue to invest and leverage our expertise to build a wide range of real estate developments across key locations in India,” said Irfan Razack, Chairman, Prestige Group.