Bengaluru-based real estate firm, Prestige Group, plans to expand its footprint in Mumbai through the acquisition of 22,135m2 of land in the Mira Bhayandar Municipal Corporation area. The purchase, valued at Rs 291.58 crore ($39.5m), is strategically located adjacent to the Western Express Highway (WEH). The firm plans to develop the land into a residential project, offering an estimated one million square feet of carpet area.
Prestige Group plans to expand into the city’s real estate market in response to growing demands for modern urban living. The company aims to meet the increasing need for high-quality residential spaces in the region as part of their larger growth strategy.
CMD of Prestige Group, Irfan Razack, has highlighted the company’s commitment to urban living needs and stakeholder value through the Mira Bhayandar project. Razack emphasized the project’s aim to create transformative spaces accommodating modern lifestyles, while also focusing on long-term value creation for its communities and stakeholders.
Prestige Group, a property development company, is making strides in the Mumbai real estate market with recent projects such as Prestige Jasdan Classic and Prestige City. This expansion is part of the Group’s broader strategy to diversify its portfolio and strengthen its presence in various sectors including residential, commercial, retail, and hospitality. This move not only emphasizes the Group’s growth but also its commitment to providing a range of property offerings.
