HT Syndication
Patna (Bihar) [India], September 1: Prime Group plans to invest around Rs 1,500 crore in Bihar's real estate market over the next four quarters, marking its mega entry into the state's property sector as it builds a sizeable development portfolio in the region.
The group plans a development pipeline of around 5 million sq ft and plans to deploy the proposed capital across residential and mixed-use developments in Bihar. The group's broader development ecosystem and business associations extend across markets including Mumbai, Bengaluru, Kolkata and Ranchi, as it now looks to deepen its development footprint in Bihar.
Prime Group currently has a zero-debt balance sheet, providing the group with financial flexibility as it scales its development pipeline in the state.
The group has onboarded strategic investors from the Middle East, overseas architects and specialist consultants, for its upcoming developments. Details of these strategic tie-ups are expected to be announced in due course.
The investment forms the first major phase of Prime Group's expansion in Bihar, with the company evaluating multiple development opportunities across the state.
"Bihar is entering an important phase of real estate growth, and we see significant opportunity in the market. The Rs 1,500 crore investment marks the beginning of our expansion in the state," said Chairman, Prime Group.
The group plans to scale its development pipeline over the coming quarters, with details of new projects and strategic partnerships expected to be announced progressively.
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