Prestige Estates Enters Gurugram with ₹4,200 Crore Housing Project

Prestige Estates Projects has never been a developer that moves quietly. When it steps into a new market, it tends to do so with scale, intent, and a number that commands attention. Its latest move is no different. The Bengaluru-based real estate giant has inked a Joint Development Agreement for a 17-acre housing project in Sector 92, Gurugram, with an estimated revenue target of ₹4,200 crore. This is not just another land deal. It is a clear declaration that Prestige Group's NCR ambitions are serious, structured, and picking up pace.

The company disclosed this partnership through a regulatory filing dated April 1, 2026. The land parcel measures 17.212 acres and sits within the rapidly growing stretch of Sector 92 Gurugram, near the Dwarka Expressway. The proposed development is expected to deliver roughly 3 million square feet of saleable area, making it a large-format residential project by any standard.

The land belongs to Sare Gurugram Private Limited, a joint venture consortium comprising Eka Life, KGK Group, and Dhoot Group. This is the same set of partners who had resolved the long-pending insolvency of the original Sare Gurugram project and successfully delivered over 1,200 homes in the same sector. Now they are bringing in a brand of Prestige's calibre to develop the remaining land potential.

The Eka-KGK-Dhoot consortium is not a collection of unknown entities. Eka Life was founded by Ajay Munot, who spent years leading large real estate portfolios for both EMAAR India and Adani Realty, overseeing a combined 30 million square feet of residential and commercial delivery. The KGK Group brings over a century of business legacy as one of the world's prominent diamond trading and jewellery organisations. Dhoot Group, established in 1971, has a presence across infrastructure, engineering, and real estate in multiple Indian cities.

When the original Sare Gurugram project ran into insolvency in 2021, this consortium stepped in through the resolution process, injected around ₹140 crore, and completed deliveries to over 1,200 waiting homebuyers. The surplus land from that resolution is now what is being handed over to Prestige Estates for fresh development.

Sector 92 Gurugram sits along the Dwarka Expressway corridor, one of the most infrastructurally transformed stretches of the National Capital Region over the past five years. The expressway's completion cut travel times to IGI Airport significantly and opened up a 20-kilometre stretch of new residential and commercial potential that was previously considered too far from the city's core.

Schools, hospitals, and retail destinations have been steadily filling in around this belt. The area already has a functioning residential community from the earlier Sare project, which means social infrastructure is not starting from zero. For Prestige, choosing this location reflects a considered read of where long-term demand in Gurugram is actually building, rather than where the market currently peaks.

To understand this Gurugram announcement, you need to zoom out a little. Prestige Estates entered Delhi-NCR's residential market in a meaningful way through its landmark Prestige City project in Indirapuram, Ghaziabad. That project generated roughly ₹8,500 crore in bookings in just the first half of FY26. The first phase was nearly sold out before the company could launch the next.

That extraordinary response confirmed what Irfan Razack, Chairman and Managing Director of Prestige Group, had been saying for months. The NCR market is capable of absorbing large-format quality supply from a credible developer. The group has since been actively evaluating land in Gurugram and Noida. The Sector 92 JDA is the first concrete outcome of that Gurugram search.

Three million square feet at a realisation that prices out to roughly ₹14,000 per square foot lands you around the ₹4,200 crore mark. That per-square-foot figure is not unreasonable for a well-executed residential project near the Dwarka Expressway delivered by a brand like Prestige Estates. Premium projects in comparable sectors of New Gurugram have been transacting well above ₹12,000 to ₹15,000 per square foot in recent launches.

This GDV estimate is what the company expects over the full life of the project. Pre-sales will typically be booked across multiple phases, with revenue recognition happening as construction milestones are achieved. The ₹4,200 crore figure is the ceiling, not the opening number.

Prestige Group Chairman Irfan Razack chose his words with characteristic care. He acknowledged that the NCR continues to see steady demand while also emphasising that the company is taking a measured approach. He specifically called out improving infrastructure and long-term location potential as the reasons for choosing Sector 92 Gurugram. That framing matters. It tells you this is not a reactive land grab driven by short-term market heat. It is a planned entry based on the infrastructure trajectory of the Dwarka Expressway belt.

In FY26, Prestige Estates planned to launch residential projects with a combined gross development value exceeding ₹42,000 crore across Bengaluru, Hyderabad, Chennai, Mumbai, Delhi-NCR, and Goa. The company clocked an all-time high of ₹12,126 crore in pre-sales in the April-June quarter of FY26 alone, a 300 percent jump over the same period the previous year. Chennai, Mumbai, Ghaziabad, and now Gurugram. Each new geography is adding meaningful scale to what is already a powerful sales engine.

But the company has also been explicit about something important. Volume alone is not the goal. Timely delivery and product quality are being positioned as the defining differentiators, particularly in the NCR market where buyer trust in developers has historically been fragile.

Prestige Estates' joint development agreement for a 17-acre project in Sector 92, Gurugram, with an expected revenue of ₹4,200 crore, marks a decisive entry into one of India's most active housing markets. Partnering with the Sare Gurugram consortium of Eka Life, KGK Group, and Dhoot Group, Prestige Group is targeting 3 million square feet of saleable area near the Dwarka Expressway corridor. As part of its broader NCR expansion, this Gurugram housing project signals that India's most execution-driven southern developer is now firmly committed to rewriting the rules of large-scale residential delivery in the north.