Prestige Estates touched a day high of ₹1,641.40 on the NSE on 3 September after the company announced a ₹5,600 crore Gurgaon housing project.

What sparked the rally was news of a fresh land deal in Gurgaon, one that adds meaningfully to the company’s housing pipeline in the north.

Prestige Estates Projects has picked up a 17.14-acre plot in Sector 109, Gurgaon. The company plans to build a residential project there with a saleable area of around 2.8 million square feet.

Going by current estimates, the project could be worth close to ₹5,600 crore once completed and sold, a figure the industry refers to as gross development value.

Location matters a lot in real estate, and this one has some going for it. The plot sits near the Dwarka Expressway, which connects to several established residential and commercial pockets across both Gurgaon and Delhi.

Irfan Razack, the company’s Chairman and Managing Director, said Prestige is building scale and depth in the NCR after entering the region’s residential market last year.

He added that the group already has a good number of projects lined up across the NCR for FY27. This isn’t a one-off move either.

As of June this year, Prestige had delivered 319 projects covering 216 million square feet across the country, with another 137 projects and 229 million square feet still in the pipeline. The Gurgaon plot adds to that existing scale.

Real estate stocks bucked the broader trend on the day. The Nifty Realty index gained 2.57%, making it the top-performing sector, even as the Nifty 50 slipped 0.17% by the close.

By the end of trading, Prestige Estates shares settled at ₹1,615.20 on the NSE, up 2.10% from the previous close of ₹1,582. The company’s market value stood at roughly ₹69,570 crore at close.

Tired of missing hot stocks? Tradz by EquityPandit provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!