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.
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