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

Sorbet: A Journey of Colour, Geometry, and Immersive Design in Southern Mumbai

A bold and vibrant design redefines the traditional experience centre, transforming a former rug atelier into a sensory haven, reports SURFACES REPORTER (SR).

Read more

You are Invited to the INDIA FURNITURE CONCLAVE 2025: 21-22, February 2025, Bengaluru | BLOCK YOUR DATES

Join us for the INDIA FURNITURE CONCLAVE, a premier gathering designed exclusively for brands and businesses in the B2B segment of the furniture industry. The event will take place from February 21-22, 2025, alongside MATECIA Southern India, scheduled from February 21-23, 2025,

Read more

Join MATECIA Southern India 2025: The Premier Building Materials & Interior Products Event | February 21-23, Bengaluru

MATECIA Southern India is scheduled to take place from February 21 to 23, 2025, at the Bangalore International Exhibition Centre (BIEC) in Bengaluru. MATECIA Exhibition is a premier business exhibition in India, uniting key stakeholders from the building materials and interior products industry.

Read more

India Interior Retailing 2025 | 21-22 February, 2025, Bengaluru | BLOCK YOUR DATES

The INDIA INTERIOR RETAILING (IIR) Conference 2025 will take place on February 21-22, during MATECIA Southern India, which is scheduled from February 21 to 23, 2025, at the Bangalore International Exhibition Centre (BIEC), Bengaluru.

Read more


This is alt