Prestige Estates Projects Ltd struck an all-cash buyout on Friday, agreeing to purchase a 100% stake in Allure Developers Private Ltd for up to ₹523.76 crore to build a residential housing project in Noida.
Shares of the Bengaluru-headquartered developer closed lower ahead of the announcement, slipping ₹4.45 or 0.27% to end at ₹1,628.00 on the BSE. The stock traded within a tight band throughout Friday's session as benchmark indices witnessed selective institutional churn across realty counters.
Prestige executed the definitive share purchase agreement on November 6, 2026, structured to absorb Allure Developers as a wholly owned subsidiary. The transaction will clear in phased tranches totaling ₹5,237.6 million, according to a regulatory disclosure filed with the stock exchanges. Management confirmed that the entire consideration will be funded through internal cash reserves without requiring external debt syndication or governmental sanctions.
The deal secures Prestige direct control over an unencumbered land parcel designated for residential development in Sector 150, Noida—one of the national capital region's most active real estate corridors. Sector 150 has evolved into a strategic battleground for national developers racing to secure contiguous acreage along the Noida-Greater Noida Expressway. Yet land bank monetization in the micro-market hinges heavily on rapid project approvals and contractor execution. Prestige is betting that immediate total ownership will eliminate joint-venture frictions.
Corporate filings reveal that Allure Developers, incorporated in 2013, operates as an asset-holding vehicle with modest revenue turnover ahead of the planned construction cycle. The company generated ₹1.23 million in revenue during FY26, climbing from ₹0.1 million in FY25 and ₹0.1 million in FY24.
Prestige stated that the acquisition involves no related-party exposure. Neither the promoter group nor company directors hold any financial stake in Allure Developers, rendering the acquisition an arm's-length commercial transaction.
The transaction is slated to wrap up on or before seven working days, after which Prestige will finalize master planning and launch dates for the Sector 150 residential complex.