Prestige Exits Lutyens Delhi Plan, Sells Bungalow for ₹450 Crore

Prestige Group has stepped away from a luxury project plan in Lutyens Delhi. The plan was linked to a bungalow on Kasturba Gandhi Marg. The exit happened after approval delays slowed the project.

Prestige is a Bengaluru-based developer. It had acquired the bungalow from TDI Infratech. The aim was to build a boutique luxury project in 2023. That plan is now on hold.

Prestige has sold the property for around ₹450 crore. The buyer is described as a businessman based in Jharkhand and Kolkata. Prestige had bought the land about two years earlier. The purchase cost was approximately ₹300 crore.

The property was earlier owned by TDI. It was planned for redevelopment in Lutyens Delhi. The deal started as a joint development agreement. Later, Prestige moved to buy the asset outright.

• Land size: about 5,100 square yards
• Revenue potential: estimated at around ₹700 crore

Sources said Prestige planned a small, high-end layout. The plan included 8–9 boutique apartments. Each apartment was expected to be priced at ₹70 crore and above. This was seen as Prestige’s entry into the Delhi residential market.

The main issue was the speed of approvals. Approvals were said to be slow in Lutyens Delhi. This was linked to multiple restrictions in the area. A person aware of the deal said Prestige tried to execute. The process did not move fast enough.

Prestige will now push its NCR pipeline. The company has launched its first NCR residential project in Ghaziabad. Future expansion focus is expected in Noida and Gurgaon.

• Prestige is in advanced stages of acquiring a 5-acre land parcel in Gurgaon. It plans a luxury residential project there.
• The Kasturba Gandhi Marg asset had a loan of around ₹225 crore. Prestige cleared this loan.
• Prestige also has a 2.2 million sq ft residential project in Noida Sector 150. That project has been delayed. The delay is linked to issues around the Sports City development.
• The company did not respond to email queries.

Lutyens Delhi is one of Delhi’s most exclusive residential zones. It is known for its high-profile residents. This includes politicians and prominent business figures.

Prestige Group Upcoming Apartment Project is Prestige Golden Grove.