Prestige Group buys land in Mira-Bhayandar for residential project

Prestige Group buys 22,135 sq. m. land in Mira Road for ₹291.58 crore, marking its first venture outside greater Mumbai for a residential project.

MUMBAI: Bengaluru-based Prestige Group has purchased a land parcel of 22,135 sq. metres for ₹291.58 crore in Mira Road, next to Western Express Highway, for a residential project. This is the first time the developer has forayed into markets outside the greater Mumbai limits.

Prestige Group buys land in Mira-Bhayandar for residential project

Prestige Group’s chairman and managing director, Irfan Razack, said, “We are thrilled to announce the expansion of our presence in Mumbai with the acquisition of this land parcel together with all rights. This development, with a projected 1 million 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.”

The Bengaluru-based real estate company has been aggressively expanding its footprint within the Mumbai market and now has entered the Mumbai Metropolitan Region. The company, in May 2022, had announced its foray into the Mumbai realty market with the announcement of a bouquet of commercial and residential projects.

Big brands like Prestige Group with muti-cities presence entering Mira-Bhayandar takes on special significance in a market where local developers have been very active. Ever since the Mira-Bhayandar civic body was established 1985, the only branded players to have completed a project or two in this micro market have been Kanakia Spaces - a consortium of Kalpataru with Dynamix, N L Dalmia Group, DB Realty, Lodha Group, JP Infra, and Sunteck Realty, with the last four being relatively recent entrants.