Bengaluru-based Prestige Estates Projects Limited has entered into a joint venture with ABIL Group, active in Pune and Mumbai, to develop a premium housing project in Versova, with an estimated revenue potential of over ₹9,000 crore.
According to the company, the development rights for the project in the Aaram Nagar area of Versova are with Aaramnagar Realty LLP
“The development spans a land area of approximately six acres and offers a total development potential of around 1.7 million square feet (RERA area), with an estimated Gross Development Value (GDV) of over ₹9,000 crores,” the company said in a statement.
The company said the proposed development is intended as a premium residential project catering to the growing demand for high-quality housing in Mumbai’s western suburbs. Versova remains a sought-after micro-market, driven by its strong social infrastructure, connectivity, and proximity to key commercial hubs.
“Mumbai remains a key focus market for us, and this opportunity in Versova is a natural extension of our growing presence in the city. We continue to see steady demand for well-located, quality developments, particularly in established micro-markets such as Versova. We will continue to build a robust pipeline of projects across geographies to sustain our growth momentum while maintaining our focus on execution and timely delivery,” said Irfan Razack, Chairman and Managing Director, Prestige Group.
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Recent announcements
In the last 10 days, Prestige Estates has announced two projects in Hyderabad and Gurugram.
On April 1, Prestige Estates Projects Ltd, with an estimated revenue potential of ₹4,200 crore.
The company, in a regulatory filing on April 1, said that it has secured a land parcel in Sector 92, Gurugram. “The company has entered into a Joint Development Agreement (JDA) for a 17.212-acre land parcel,” it said.
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Last week, the company launched a 29-acre township called , the company said. Apartment sizes will range from 1,169 sq ft to 3,013 sq ft, with ticket sizes starting at around ₹1 crore and going up to ₹3 crore.
The project will comprise 5,120 units with a total saleable area of around 10.36 million sq ft and an estimated gross development value (GDV) of over ₹9,500 crore, it said. The development will offer a mix of 2-, 3-, 3.5-, and 4-bedroom apartments, including select 4BHK units with staff accommodation, the company had said.