Prestige Group, the Bengaluru-based developer, has exited a boutique luxury residential project in Delhi’s prestigious Lutyens’ zone after facing prolonged regulatory approval delays.
The company sold a bungalow on Kasturba Gandhi Marg for around ₹450 crore, nearly two years after acquiring it from TDI Infratech for approximately ₹300 crore. The 5,100 sq yard property was initially part of a joint development agreement before Prestige acquired it outright.
Prestige had planned to develop 8–9 ultra-luxury apartments, each priced above ₹70 crore, with an estimated total revenue potential of ₹700 crore. However, multiple regulatory restrictions and slow clearances in Lutyens’ Delhi led the developer to shelve the project.
The group has now shifted its focus to the National Capital Region (NCR), having launched its first residential project in Ghaziabad, and is planning future developments in Noida and Gurgaon. Additionally, Prestige is reportedly close to acquiring a 5-acre parcel in Gurgaon for a new luxury housing project, signalling a strategic pivot towards high-growth NCR markets.
This move reflects the challenges faced by developers in high-regulation zones like Lutyens’ Delhi and underscores the attractiveness of NCR real estate as a target for premium and ultra-luxury residential developments.
