Prestige Estates partners with ABIL Group for a high-end ₹9,000 crore residential project in Versova, Mumbai.
Prestige Estates Projects Limited has formed a joint venture with the Pune-based ABIL Group. Through this collaboration, the partnership aims to develop a premium housing project in Versova, Mumbai. Financially, the development carries an impressive estimated revenue potential exceeding ₹9,000 crore. Meanwhile, the site itself covers six acres in the Aaram Nagar area.
Furthermore, the project will offer approximately 1.7 million square feet of development potential. Prestige Estates recently secured a 50% stake in Aaramnagar Realty LLP to facilitate this move. This acquisition involved a capital infusion of ₹180 crore. Notably, the ABIL Group brings significant luxury expertise to the venture.
The group currently owns marquee assets such as the St. Regis Mumbai and W Goa. Their background in high-end hospitality aligns with the luxury vision for Versova. Traditionally, Aaram Nagar served as a creative hub for studios and artists. However, the area is now undergoing a massive transformation into a luxury destination.
Major developers are flocking to this micro-market due to its seaside proximity. This shift represents a significant value unlock for Mumbai real estate. Meanwhile, Prestige Estates continues its aggressive pan-India expansion. The company recently announced a ₹4,200 crore housing project in Gurugram.
In addition, they launched a massive township in Hyderabad named Prestige Golden Grove. That project features over 5,000 units with a gross development value of ₹9,500 crore. Consequently, these strategic moves highlight the firm’s transition into a national powerhouse. Chairman Irfan Razack noted that Mumbai remains a critical focus for the organisation.
He emphasised that the Versova project extends their growing presence in the city. The firm plans to build a robust pipeline across multiple geographies. Furthermore, they intend to maintain a strong focus on execution and timely delivery. The company reported record pre-sales of ₹30,024 crore for the 2026 financial year.
This figure represents a 76% year-on-year increase for the Bengaluru-based developer. Therefore, the firm is positioning itself to lead the premium residential segment. Their entry into Mumbai’s western suburbs marks a strategic diversification. By targeting high-demand corridors, they aim to sustain their current growth momentum.
(Source: Hindustan Times)
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