Prestige Group sells ₹1300 crore worth of uber luxury residences in South Mumbai

Prestige Ocean Towers in Mumbai has a developable potential of 4.62 lakh sq ft carpet area with an estimated revenue potential of approximately ₹4,100 crore

Published on: Apr 29, 2024, 16:31:51 IST

By HT News Desk

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Prestige Group, a real estate developer, has sold ₹1300 crore worth of uber luxury residences in South Mumbai within the first three months of pre launch, the company said in a statement.

Located at Marine Lines with views of the Queen’s necklace and the Arabian Sea, Prestige Ocean Towers has 169 residences across two towers spread across a 2-acre plot.

Prestige Ocean Towers has a developable potential of 4.62 lakh sq ft carpet area with an estimated revenue potential of approximately ₹4,100 crore.

Prestige Group has pre-launched 75 residences with a potential of ₹1700 crore and has sold more than 70% of the pre-launched residences even before the official opening of the experience center and show apartment, the company said.

Also Read: Prestige Group expands footprint in Delhi-NCR; acquires 62.5 acres in Ghaziabad for a township project

“This will be one of the most iconic luxury developments in the country and we would like to thank our customers, partners, stakeholders and well-wishers for the constant support and trust in us. This encourages us to launch the remaining inventory at Prestige Ocean Towers sooner than we anticipated,” said Irfan Razack, CMD, Prestige Group.

Tariq Ahmed, CEO, West, Prestige Group said, “We are thrilled to unveil another magnificent edifice with this launch, a testament to Prestige Group’s unwavering commitment to crafting spaces that redefine living.”

Also Read: Prestige Group buys 2.3-acre land for ₹704 crore

Prestige Group entered Mumbai two years back and has so far sold close to ₹6,000 crore worth of inventory across Prestige City in Mulund, Prestige Jasdan Classic in Mahalaxmi, Prestige Daffodils in Bandra and Prestige Ocean Towers in Marine Lines.

The group plans to add more prime land parcels to their Mumbai residential portfolio in addition to their existing commercial portfolio in BKC and Mahalaxmi.

Also Read: Prestige group raises ₹2,001 cr from ADIA, Kotak AIF to build housing projects across four cities

The company has so far completed 300 projects spanning a developable area of 190 mn sq ft.

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