Prestige Estates Acquires Noida-Based Allure Developers for Rs 524 Crore

Realty firm Prestige Estates Projects Ltd has announced the acquisition of a 100 per cent stake in Allure Developers Pvt Ltd for Rs 523.76 crore. According to a regulatory filing by the company, the share purchase agreement was entered into on November 6, 2026. Following this transaction, Allure Developers has officially become a wholly owned subsidiary of Prestige Estates.

The strategic move forms a part of Prestige Estates' broader expansion plans within the Delhi-NCR real estate market. Allure Developers is currently undertaking the development of a residential project located in Noida Sector 150. As per the terms of the agreement, the total consideration of up to Rs 523.76 crore will be paid out in tranches.

This development follows another recent acquisition by the Prestige Group. Through its subsidiary Prestige Retail Ventures, the company previously acquired a 100 per cent equity stake in Gloind Vintage Infra for an enterprise value of Rs 519 crore. That transaction allowed Prestige Estates to indirectly hold Gloind's equity share capital, alongside indirect ownership and control of Tarun Realtors, a subsidiary of Gloind Vintage Infra that owns a shopping mall in Bengaluru.

The expansion moves come at a time when Prestige Group, one of the leading real estate developers in the country with a presence across major Indian cities, has reported financial moderation in its recent quarterly performance. In its regulatory filing for the quarter ended September, the company reported a 44 per cent decline in its consolidated net profit, which stood at Rs 256.2 crore compared to Rs 457.4 crore in the corresponding period of the previous year.

Total income for the second quarter of the fiscal also saw a decrease, falling to Rs 2,222.2 crore from Rs 2,697.8 crore in the year-ago period. For the broader April-September half-year period, the company's net profit declined to Rs 527.6 crore from Rs 768.9 crore, while total income stood at Rs 5,057.8 crore, compared to Rs 5,166.5 crore during the first half of the preceding fiscal year.

"Prestige Estates' acquisition of Allure Developers highlights a clear strategy of consolidating land banks and residential project ownership in key markets like Delhi-NCR, despite recent moderation in quarterly financial results. Acquiring 100 percent stakes in operational entities allows major developers to maintain direct control over project execution and long-term delivery pipelines. While short-term earnings may fluctuate due to broader macroeconomic cycles, targeted capital deployment into residential and retail assets remains a fundamental approach for established players seeking to strengthen their regional footprints across India." — Dr. Shishir Gupta, Founder & CEO, StartupLanes