Prestige Group Acquires 22,135 Sq. M of Land in Mumbai for ₹291.6 Crore for Residential Project

The Prestige Group has acquired 22,135 square meters of land in Mumbai, located within the jurisdiction of the Mira Bhayandar Municipal Corporation, adjacent to the Western Express Highway. 

The land, valued at ₹291.6 crore, will be developed into a residential project covering approximately 1 million square feet of carpet area. This acquisition forms part of Prestige Group's larger strategy to enhance its presence in Mumbai, a city with strong demand for residential spaces that combine luxury and convenience.

Mumbai's real estate market has seen consistent demand for housing, especially in areas that offer modern amenities and prime locations. The new project will address this need by providing high-quality living spaces for urban residents. This move aligns with the growing trend of homebuyers seeking residential options that balance both comfort and proximity to business hubs.

Irfan Razack, Chairman and Managing Director of Prestige Group, expressed excitement about the acquisition, highlighting its significance in the company’s mission to enhance urban living. He emphasized that the new development would meet the increasing demand for modern housing solutions with an emphasis on quality and convenience, catering to the evolving needs of city residents.

Prestige Group is a well-established name in India’s real estate sector, with a diversified portfolio that includes residential, office, retail, hospitality, property management, and warehouse developments. The company operates in over 13 cities across India and has completed 302 projects, covering a total area of 193 million square feet. The group’s reputation is reflected in its strong credit ratings, including a CRISIL DA1+ grade and an ICRA A+ rating, which underscore its credibility and solid financial standing.

The timing of this acquisition coincides with a broader trend in India’s real estate market, where land transactions are on the rise. According to CBRE, over 100 land deals were completed across six major cities in India between January and September 2024, totaling 1,700 acres. 

This represents a 65% increase in land deal volume compared to the previous year, signaling strong investor confidence in the sector. This trend is particularly evident in cities like Mumbai, Bengaluru, and Delhi, where the demand for residential projects is high.

Prestige Group’s acquisition of land in Mumbai is a strategic response to these changing market conditions. The company’s focus on premium residential spaces aligns with the growing interest in high-end living in urban areas.