Prestige Estates unveils Rs 5,000 crore Evergreen housing project in Bengaluru

Prestige Estates Projects Limited, the Indian real estate developer, announced the launch of Evergreen at Prestige Raintree Park, a premium residential project with an estimated gross development value (GDV) of around Rs 5,000 crore, located in Whitefield, Bengaluru.

Prestige Estates' Rs 5,000 crore project

Evergreen at Prestige Raintree Park is being developed across approximately 24 acres and will comprise nearly 2,000 apartments, with a total saleable area of about 3.2 million square feet.

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"Evergreen at Prestige Raintree Park is planned on approximately 24 acres of land and comprises around 2,000 apartments, with a total saleable area of 3.2 million square feet," the company said in its exchange filing.

The project offers a design mix of one, two, three and four-bedroom residences, catering to evolving urban lifestyle preferences and diverse buyer needs, the company said. Apartment prices are expected to start from around Rs 92 lakh onwards.

According to the filing, the launch of Evergreen follows the successful debut of Prestige Raintree Park in September 2024, which focused on larger-format residences and received a strong response from the market.

With Evergreen, Prestige Group is expanding the overall development by introducing a wider range of unit sizes, including smaller-format homes. This approach is aimed at enabling broader customer participation while continuing to deliver the premium living experience.

Whitefield: Bengaluru’s prime residential hotspot

Whitefield continues to be one of Bengaluru’s most sought-after residential micro-markets, driven by the presence of established IT hubs, robust social infrastructure, and steadily improving connectivity, the real estate developer said.

Commenting on the development, Irfan Razack, Chairman and Managing Director, Prestige Estates Projects Limited, said, "With Evergreen, we are expanding the product mix to include a wider range of apartment configurations, including smaller-format residences, to address evolving customer preferences in Whitefield."

"Strategically located at the junction of Whitefield and Varthur, the project offers strong connectivity to key office hubs and benefits from proximity to established social infrastructure such as malls, schools, and hospitals. We believe it is well-positioned to see healthy demand," he added.

Prestige Estates Q3FY26 results

The launch comes at a time when the company has reported strong operational performance in the third quarter of FY26. Prestige Estates’ Q3 pre-sales rose 39 per cent year-on-year (YoY) to Rs 4,183.6 crore.

Collections during the quarter also increased by 40 per cent YoY to Rs 4,548 crore.

Average realisations improved by 6 per cent YoY to Rs 14,459 per square foot, supported by a higher share of premium projects. During Q3 FY26, the company achieved sales volumes of 2.99 million square feet and sold a total of 1,811 residential units.

Prestige Estates share price movement

Shares of Prestige Estates Projects Ltd jumped more than 3 per cent to touch an intraday high of Rs 1,553.60 apiece during Friday’s trading session.

The real estate stock ended the day at Rs 1,523.60, marking a 1.72 per cent rise from its previous close of Rs 1,497.85.

Despite the day’s gains, the scrip has fallen 6.40 per cent over the past month, while it has delivered a 5.04 per cent return over the last year.