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Prestige Group, a leading real estate developer in India, has announced the acquisition of approximately 22,135 square meters of land in the Mira Bhayander Municipal Corporation area of Mumbai, adjacent to the Western Express Highway.
When asked about the details of the residential project, the company said that it has acquired the land recently and it’s too early to comment further.
The prestigious acquisition, valued at around Rs 291.58 crore, will be used for a residential development project spanning approximately 1 million square feet of carpet area. This strategic move marks a significant expansion of Prestige Group's footprint in Mumbai.
Commenting on the acquisition, Irfan Razack, Chairman and Managing Director of Prestige Group, said, "We are thrilled to announce the expansion of our presence in Mumbai with the acquisition of this land parcel. 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."
Prestige Group boasts a legacy of over three decades in the industry. The group has a diversified business model across various segments, including residential, office, retail, hospitality, property management, and warehouses, with operations in over 13 major locations across the country. As of September 2024, Prestige Group has completed 302 projects, covering a developable area of 193 million square feet. The company holds a CRISIL DA1+ rating and an ICRA A+ credit rating, reflecting its strong market standing and financial stability.
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