en.Wedoany.com Reported - Indian real estate developer Prestige Estates Projects Limited has formed a joint venture with the ABIL Group to develop a luxury residential complex in the Aaram Nagar area of Versova, Mumbai. The project spans approximately 6 acres with a total development area of around 1.7 million square feet, and an estimated total development value exceeding 900 billion Indian Rupees.
The development rights belong to Aaramnagar Realty LLP. Irfan Razack, Chairman and Managing Director of the Prestige Group, stated that Mumbai is a key market, and Versova is in high demand due to its well-developed social infrastructure, convenient transportation, and proximity to commercial centers. The project aims to meet the growing demand for high-quality housing in the western suburbs.
In the past 10 days, Prestige has announced two projects consecutively. On April 1, the company signed a joint development agreement for a 17.212-acre land parcel in Sector 92, Gurugram, to develop a residential project with an estimated revenue potential of 420 billion Indian Rupees. Last week, it launched the Prestige Golden Grove township project in Tellapur, Hyderabad, covering 29 acres and offering 5,120 apartments ranging from 1,169 to 3,013 square feet. Prices start at 100 million Indian Rupees and go up to 300 million Indian Rupees. The total saleable area is approximately 10.36 million square feet, with an estimated Gross Development Value (GDV) exceeding 950 billion Indian Rupees. The apartment configurations include 2BHK, 3BHK, 3.5BHK, and 4BHK units, with some 4BHK units featuring servant quarters.
Prestige stated it will continue to build its project pipeline across various locations, maintaining growth momentum while focusing on execution and delivery. The Versova project represents a natural extension into a mature micro-market, positioned as a luxury residential complex to cater to high-net-worth individuals and upgraders.
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