Prestige Group Ventures into Mumbai with Rs 7,500 crore Investment to Develop 16 mn sqft in next 4-5 Years

Prestige Group Ventures into Mumbai

With plans to invest Rs 7,500 crore, realty developer Prestige Group will be reportedly developing properties spread over a total of 16 mn sqft in Mumbai in the coming 4-5 years. By setting its venture into the country’s biggest and most expensive property market, Prestige Group’s proposed investment will be reportedly deployed across six projects and will comprise residential, office and hospitality developments in key locations including South Mumbai’s Marine Lines and Mahalaxmi zone, Worli, Bandra, the central business district of Bandra-Kurla Complex (BKC) and Mulund suburb of the city.

Why Mumbai?

Many real estate developers from South India have entered the Mumbai property market on account of robust demand, sales momentum and potential for robust returns. The city has also been able to set a new benchmark with property transactions almost every month after the state government announced a limited-window stamp duty reduction in 2020. According to Irfan Razack, CMD, Prestige Group, the Bengaluru-based developer has decided to establish its presence in the western region through Mumbai since the financial capital has established itself as the leading commercial hub in India. The state has also recorded the highest GST collections in India and is contributing to 15 per cent of GST of the overall Indian economy. In the financial year 2021-22, Prestige Group recorded pre-sales collection of over Rs 10,000 crore through its projects in 12 locations across India. The developer is now in plans to tap the commercial and residential markets in South Mumbai’s Mahalaxmi, Bandra’s Pali Hill, BKC and Yogi Hills of Mulund.

Completed projects and ongoing

Reportedly, nearly Rs 3,000 crore has been already infused in the acquisition of projects and alliances formed in Mumbai. Of the total proposed developments, two projects spread over 6.5 mn sqft will be office space developments in Mahalaxmi and BKC, which will also house a five-star category W Hotel. Of its ongoing developments in Mumbai, Prestige Group’s project in Mahalaxmi, which is spread over 2 acre, will be offering 233 supersized premium apartments. As for its project in the suburbs of Mulund, which is spread over 30 acre, is expected to house premium residential, commercial and high street retail spaces along with a proposed school and hospital.

Additionally, of its total six projects in Mumbai, the developer has reportedly acquired two land parcels of 30 acre in Mulund and 2 acre in Mahalaxmi on an outright basis, where it has invested nearly Rs 800 crore for these land acquisitions. Furthermore, Prestige Groups has also entered into two alliances with DB Realty NSE 4.47 per cent and one with ABIL, while the project in Pali Hill is a society redevelopment plan.

As of 2021-22 end, Prestige Group has completed 268 projects and delivered over 151 mn sqft. It has 45 ongoing projects across segments with 65 mn sqft space and has additional 70 mn sqft projects under planning apart from some more land banks in its portfolio.

Image: For representational purpose; courtesy: Prestige Group

×
×

Post Your Comment


"Content that powers your Business. News that keeps you informed."

Surfaces Reporter is one of India's leading media in Print & Digital Telecast for News on Interiors & Architecture Projects, Products, Building Materials, and the Business of Design! Since 2011, it serves as a referral for designers & architects to know about inspiring projects and source new products. If you have a Product or Project worth publishing in Surfaces Reporter, please email us hello@surfacesreporter.com or you can also submit your project online.

Like Surfaces Reporter on Facebook | Follow us on Twitter and Instagram | Subscribe to our magazine | Sign Up for the FREE Surfaces Reporter Magazine Newsletter

Sage Green Walls, Brass Wood Accents, and Custom Furniture Define This Mumbai Home | Soch Design Studio

Dubbed ‘The Whimsical House’ and designed by Romit Savla of Soch Design Studio, this Mumbai apartment harmonizes intricate architectural details, from the grand entrance to the living areas sage green walls and brass wood accents.

Read more

India’s First Net-Zero Business Park Launched in Chennai by Morphogenesis | SR News Update

Located in Chennais IT hub, this innovative business park has received Indias first net-zero certification for energy, water, and waste management from the Indian Green Building Council (IGBC).

Read more

Green Timber Patterns Define the Facade of This Office in Norway | Oslotre

Curved panels coated in green paint envelop the exterior of Lumber 4, a versatile structure in Norway designed by the local consultancy Oslotre to showcase the potential of timber in construction.

Read more

Indira Gandhi International Airports Aerocity Set to Unveil Indias Largest Mall by 2027 | SR News Update

As part of the $2.5 billion Worldmark Aerocity project, which aims to establish Indias first aerotropolis, Aerocity at Indira Gandhi International Airport will unveil Indias largest mall by 2027.

Read more


This is alt