Prestige Group expands in Mumbai with Rs 291 cr land acquisition for residential project

Prestige Group, a Bengaluru based real estate developers, has taken a significant step towards expanding its presence in Mumbai by acquiring 22,135 square meters of land in the Mira Bhayandar Municipal Corporation area, adjacent to the Western Express Highway.

This acquisition, valued at approximately Rs 291.58 crore, marks a key milestone in the Group’s growth strategy for the Mumbai market. The newly acquired land will be developed into a residential project, with an estimated 1 million square feet of carpet area, catering to the region’s rising demand for modern urban living.

“The latest acquisition through conveyance of land approximately 22,135 sq. meters of land together with all rights within the Jurisdiction of Mira Bhayandar Municipal Corporation, Mumbai next to western express highway,” it said.

This move is part of Prestige Group’s broader plans to strengthen its foothold in India’s commercial capital, Mumbai, one of the most dynamic real estate markets in the country. The Group’s strategic acquisitions and developments are designed to tap into both residential and commercial sectors, offering a diverse range of properties.

“This development, with a projected 1million square feet of carpet area, underscores our commitment to strengthening our footprint in the Mumbai region and meeting the evolving demands of modern urban living. This strategic addition will further our vision of creating transformative spaces that deliver long-term value to our communities and stakeholders,” said Irfan Razack, Chairman and Managing Director of Prestige Group.

In recent years, Prestige Group has made significant strides in Mumbai, with notable projects like Prestige Falcon City and Prestige Lavender Fields. The Group’s expansion is not just limited to residential properties but also includes office spaces, retail, and hospitality segments. The other projects includes Prestige Meridian commercial project and Prestige Great Acres in the outskirts of Mumbai.The Mira Bhayandar acquisition further solidifies Prestige Group’s ambition to create transformative spaces that offer long-term value, contributing to the region’s growth while meeting the evolving needs of modern living. This acquisition aligns with the Group’s mission to further expand its developments across major Indian cities, enhancing its portfolio and customer offerings.The Group has completed 302 projects spanning a developable area of 193mnsft as of September 2024. The company has been graded CRISIL DA1+ by CRISIL and enjoys a credit rating of ICRA A+.