Prestige Group Expands Its Presence in Mumbai

India's leading real estate developer Prestige Group is acquiring 22,135 sq. m in ₹291.6 crore of Mumbai prime land. The Mira Bhayandar Municipal Corporation has identified land adjacent to the Western Express Highway, where a 1 million sq. ft. of carpet area.

The acquisition reinforces the group’s strategy of growing its presence in one of India’s most sought-after real estate markets and addresses the increasing demand for contemporary housing with urban amenities.

A Bold Step into Mumbai’s Real Estate Market

Mumbai, the financial capital of India, has been undergoing rapid urbanization and a strong demand for premium housing. The entry of the Prestige Group in this lucrative market is one such step used to build successful traction in the potential city with transformative living spaces.

The Chairman and Managing Director of Prestige Group Mr. Irfan Razack said, “We are delighted to further expand our footprint in Mumbai for this land parcel along with all rights." He reiterated that the project fits in with its goal of creating places that can deliver enduring value for communities and stakeholders alike.

Prestige Group’s Journey and Legacy

Prestige Group is an established player in the real estate sector of India with a diversified portfolio coming from various segments like residential, office, retail, hospitality and warehouse. The Bengaluru developer has accomplished 302 projects with a developable area of 193 million sq. ft. as of September 2024.

With a DA1+ grading from CRISIL and an A+ rating by ICRA, Prestige Group is world-class in terms of finances, execution capabilities and trust from the customers. Entering Mumbai will help it consolidate its position in the fiercely competitive real estate space.

Highlights of the Upcoming Housing Project

Strategic Location: The recently acquired land is located next to Western Express Highway, which ensures great connectivity to major parts of Mumbai and its suburbs.

Scale of Development: The project will have a carpet area of around 1 million sq. ft., meeting the demands of contemporary urban dwellers.

Focus on Quality Living: The project will be in sync with Prestige Group heritage of making quality spaces that are iconic, energy-efficient, and places for communities to thrive.

Mumbai’s Real Estate Market on the Rise

Mumbai: The property sector has been hitting all the right notes this year, with some big land deals being closed off in 2024. According to a report released by CBRE, deals for more than 100 parcels of land on about 1,700 acres were finalised in six major cities of India from January to September in 2024. This also reflected a y-o-y growth of 65% in the volume of land deals, compared to the similar period in 2023.

Mumbai being one of the hot markets, has perhaps received its largest share of this activity. Demand for housing, infrastructure and government support are encouraging these factors.

Prestige Group’s Vision for the Future

Prestige Group has larger plans of having a stronger presence across the key metropolitan cities, including this housing project in Mumbai. The group has developed spaces in the real estate development that are functional, beautiful and sustainable.

The new project is intended to respond to the changing nature of urban living, all whilst adding a valuable marker on the city skyline. The development will include modern amenities, efficient layouts and green living features to raise the bar for residential real estate in Mumbai.

Conclusion

Privately held Prestige Group has added prime land in Mumbai creating an important chapter in its growth story. Based Full Sentence: With its ambitious housing project set up for launch, the group is ready to change the living paradigm of urban spaces of the city.

The move further underlines the groups faith in Mumbai real estate sector and reiterates its vision to develop space that can change the way people live.

Mumbai is India’s financial capital and with the real estate space growing steadily in the city, Prestige Group, known for excellence, will be ushering a remarkable housing project, which shall emerge as one of the most iconic landmarks in Mumbai.