Bengaluru’s listed real estate developer, Prestige Estates Projects Ltd, has partnered with Mumbai-based Valor Group (formerly known as DB Realty) to develop an office complex worth ₹4,500 crore in Mumbai's Andheri area.
According to a regulatory filing, the project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake.
The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai.
As per the filing, ₹504 crore will be infused into a Special Purpose Vehicle (SPV) that will be set up to execute the project.
Prestige Estates’ real estate developments in Mumbai
Prestige Estates announced on May 28 that it has successfully completed the first three landmarks in Mumbai, including Siesta at The Prestige City, Mulund, Prestige Jasdan Classic, and Prestige Turf Tower in Mahalaxmi.
{{/usCountry}}Prestige Estates announced on May 28 that it has successfully completed the first three landmarks in Mumbai, including Siesta at The Prestige City, Mulund, Prestige Jasdan Classic, and Prestige Turf Tower in Mahalaxmi.
{{/usCountry}}The company said these developments collectively span 2.8 million sq ft and mark the Group’s significant debut delivery in the city since its Mumbai launch in 2022.
According to the company, it will be handing over possession of nearly 700 residences and 130 office units in the coming months.
Prestige Estates has a 38-year legacy and has delivered over 300 projects in the residential, commercial, retail, hospitality, and mixed-use segments.
The company also recently announced its entry into the Delhi NCR real estate market.
Also Read: Bengaluru-based Prestige Estates aims to ‘rewrite the way real estate is done’ in NCR
On May 6, Irfan Razack, chairman and managing director of Prestige Estates, said that the company aims to ‘rewrite the way real estate is done in the region,’ with an emphasis on quality and timely delivery, key concerns that have historically plagued the Delhi-NCR property market.