Real estate news: Prestige Group to invest Rs 7,500 crore to develop 16 million square feet in Mumbai
The proposed investment will be deployed across six projects and will include residential, office and hospitality developments in key locations including South Mumbai shipping lines and locality of Mahalaxmi, Worli, Bandra, Central Business District of Bandra-Kurla complex (BKC) and the suburb of Mulund. the city.
“With the state recording the highest GST collections in India and contributing 15% of the GST to the entire Indian economy, Mumbai has established itself as India’s major trading hub. We look forward to establishing our presence in the western region via Mumbai,” Irfan Razack, CMD, Prestige Group, told ET.
After reporting a record pre-sales inflow of over Rs 10,000 crore in the financial year 2021-22 from its projects in 12 locations across India, the developer has now launched commercial and residential projects in Mahalaxmi in South Mumbai, Bandra’s Pali Hill, BKC, Yogi Hills of Mulund.
“We have already infused about Rs 3,000 crore in acquiring projects and alliances formed in Mumbai. Of the total proposed developments, two projects spread over 6.5 million square feet will be office space developments at Mahalaxmi and BKC, which will also house a five-star Category W hotel,” said Venkata Narayana.
Among its ongoing developments in Mumbai, the developer’s project at Mahalaxmi spans 2 acres and will offer 233 oversized premium apartments. The project in the suburb of Mulund will be a 30-acre development that will house high-end residential, commercial and retail space, as well as a proposed school and hospital.
Out of the total 6 projects in Mumbai, the company acquired two plots of land – 30 acres in Mulund and 2 acres in Mahalaxmi – on an outright basis. He invested more than Rs 800 crore for these land acquisitions. Among other Mumbai projects, he has entered into two alliances with
and one with ABIL, while the Pali Hill project is a redevelopment plan for the company.
Prestige Group has completed 268 projects and delivered over 151 million square feet at the end of 2021-22. The company has approximately 45 projects underway across all segments with 65 million square feet of space. It also has additional 70 million square foot projects in the planning, in addition to some additional land reserves in its portfolio.
A number of South Indian property developers have entered the Mumbai property market amid robust demand, buoyant sales and the potential for robust returns.
Mumbai has set new benchmarks with real estate transactions almost every month after the state government announced a limited window stamp duty reduction in 2020.
The reduction in stamp duty has led to an increase in the number of transactions in all segments, including luxury, middle-income and affordable housing. While the lower stamp duty benefit window period ended in March 2021, property markets in Maharashtra’s major cities are still seeing robust activity.