Prestige Estates Acquires Allure Developers in Rs 524 Crore Deal

Realty company Prestige Estates Projects Ltd has signed an agreement to acquire full ownership of Allure Developers Pvt Ltd for up to Rs 523.76 crore. Following the transaction, which will be executed in installments, Allure becomes a wholly owned unit of the firm.

The buyout supports the group's regional growth strategy within Delhi-NCR. Allure Developers is presently working on a housing development located in Noida's Sector 150.

Alongside this purchase, Prestige Estates recently acquired Gloind Vintage Infra for an enterprise valuation of Rs 519 crore via Prestige Retail Ventures, securing indirect control over Tarun Realtors and its shopping mall in Bengaluru.

These acquisitions come as the developer navigates lower earnings. Consolidated net profit for the quarter ending in September fell 44 percent to Rs 256.2 crore, alongside a decline in total revenue to Rs 2,222.2 crore compared to the previous year.