Prestige Estates and ABIL Group Collaborate on ₹9,000 Crore Residential Project in Mumbai

Prestige Estates Projects Limited, a leading real estate developer, has announced a significant partnership with ABIL Group to develop a premium residential project in Versova, Mumbai. The project, which is expected to have a Gross Development Value (GDV) of over ₹9,000 crore, will be developed on a land parcel of approximately 6 acres, offering a total development potential of around 1.7 million square feet (RERA area).

The collaboration is structured through Aaramnagar Realty LLP, in which Prestige Estates has acquired a 50% partnership interest by investing ₹180 crore through capital and current account contributions. ABIL Group, known for its premium real estate and hospitality projects in Pune and Mumbai, will undertake the development through this entity.

Versova, located in Mumbai’s western suburbs, is a highly sought-after micro-market due to its robust social infrastructure, excellent connectivity, and proximity to key commercial hubs. This project is designed to cater to the growing demand for high-quality residential developments in the area.

The acquisition was completed on April 9, 2026, and was made through cash consideration. Aaramnagar Realty LLP, incorporated in 2018, operates in the real estate, construction, and development business. The transaction is not a related party deal, and the promoter or promoter group of Prestige Estates Projects has no interest in it.

Aaramnagar Realty LLP reported no turnover for the year ended March 31, 2025, and has recorded no turnover over the last three years. No governmental or regulatory approvals were required for the transaction.

Irfan Razack, Chairman and Managing Director of Prestige Group, expressed his enthusiasm for the project, stating, “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.”

Shares of Prestige Estates Projects Limited ended at ₹1,318.20, down by ₹3.70, or 0.28%, on the BSE. This partnership is expected to further strengthen Prestige Estates' position in the Mumbai real estate market and contribute to its ambitious growth targets.

Prestige Group, a prominent name in the Indian real estate sector, has a strong track record of delivering high-quality residential and commercial projects across multiple cities. The company’s focus on strategic locations, quality construction, and customer satisfaction has made it a trusted name in the industry. With this new project in Versova, Prestige Estates aims to capitalize on the growing demand for premium residential properties in Mumbai’s western suburbs.

ABIL Group, on the other hand, has established itself as a leading developer of premium real estate and hospitality projects in Pune and Mumbai. The group’s expertise in creating luxury developments aligns well with Prestige Estates' vision for the Versova project, making this partnership a strategic move for both companies.

The Versova project is expected to set new benchmarks for residential developments in the area, offering residents a blend of modern amenities, green spaces, and convenient connectivity. With both companies committed to delivering excellence, the project is poised to become a landmark addition to Mumbai’s real estate landscape.