Prestige Group buys 22,135 sq m of land in Mumbai for ₹291.6 crore

Bengaluru-based Prestige Group has announced that it has acquired 22,135 sq. m of land together with all rights within the jurisdiction of Mira Bhayandar Municipal Corporation, Mumbai, next to western express highway for ₹291.58 crore to develop a housing project, the company said in a regulatory filing.

The acquired land will be planned for residential development spanning approximately 1 mn sq ft of carpet area, it said.

Also Read: Prestige Estates plans to launch 43 real estate projects across segments in seven cities

“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. 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.

Also Read: Prestige Group buys 17.45 acres land in Bengaluru for ₹462 crore, to develop a housing project

Prestige Group, one of the leading real estate developers in the country, has a diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 13 major locations in India.

The group has completed 302 projects spanning a developable area of 193 mn sq ft as of September 2024. The company has been graded CRISIL DA1+ by CRISIL and enjoys a credit rating of ICRA A+.

Also Read: Prestige Estates to invest around ₹7000 crore to develop township in Ghaziabad

Land deals

Over 100 land deals spanning approximately 1,700 acres were closed across six major cities in India between January-September 2024 , according a report released by property consultancy CBRE. The land deal volume jumped 65% year-on-year compared to the 60-plus deals carried out during the same period last year, the report said.