E-Paper
Prestige Estates, ABIL Group partner for ₹9,000 crore premium housing project in Mumbai’s Versova
Mumbai real estate news: Prestige Estates said the project will come up on a 6-acre land parcel with a revenue potential of 1.7 million sq ft
Bengaluru-based Prestige Estates Projects Limited has entered into a joint venture with ABIL Group, active in Pune and Mumbai, to develop a premium housing project in Versova, with an estimated revenue potential of over ₹9,000 crore.
According to the company, the development rights for the project in the Aaram Nagar area of Versova are with Aaramnagar Realty LLP
"The development spans a land area of approximately six acres and offers a total development potential of around 1.7 million square feet (RERA area), with an estimated Gross Development Value (GDV) of over ₹9,000 crores," the company said in a statement.
The company said the proposed development is intended as a premium residential project catering to the growing demand for high-quality housing in Mumbai’s western suburbs. Versova remains a sought-after micro-market, driven by its strong social infrastructure, connectivity, and proximity to key commercial hubs.
“Mumbai remains a key focus market for us, and this opportunity in Versova is a natural extension of our growing presence in the city. We continue to see steady demand for well-located, quality developments, particularly in established micro-markets such as Versova. We will continue to build a robust pipeline of projects across geographies to sustain our growth momentum while maintaining our focus on execution and timely delivery," said Irfan Razack, Chairman and Managing Director, Prestige Group.
Recent announcements
In the last 10 days, Prestige Estates has announced two projects in Hyderabad and Gurugram.
On April 1, Prestige Estates Projects Ltd announced entering into a partnership with a landowner to develop a 17-acre housing project in Gurugram, with an estimated revenue potential of ₹4,200 crore.
The company, in a regulatory filing on April 1, said that it has secured a land parcel in Sector 92, Gurugram. "The company has entered into a Joint Development Agreement (JDA) for a 17.212-acre land parcel," it said.
Also Read: Plix co-founder Rishubh Satiya buys ₹125 crore luxury apartment at Oberoi 360 West in Mumbai's Worli
Last week, the company launched a 29-acre township called Prestige Golden Grove in Hyderabad’s Tellapur, the company said. Apartment sizes will range from 1,169 sq ft to 3,013 sq ft, with ticket sizes starting at around ₹1 crore and going up to ₹3 crore.
The project will comprise 5,120 units with a total saleable area of around 10.36 million sq ft and an estimated gross development value (GDV) of over ₹9,500 crore, it said. The development will offer a mix of 2-, 3-, 3.5-, and 4-bedroom apartments, including select 4BHK units with staff accommodation, the company had said.
