Prestige Estates and ABIL Group Join Forces for ₹9,000 Crore Premium Housing Project in Mumbai's Versova

Bengaluru-based Prestige Estates Projects Limited has entered into a strategic partnership with ABIL Group, a prominent player in Pune and Mumbai, to develop a premium housing project in Versova, Mumbai. The project, expected to generate over ₹9,000 crore in revenue, will be a significant addition to the growing real estate landscape of the city.

According to the company, the development rights for the project in the Aaram Nagar area of Versova are with Aaramnagar Realty LLP. The project 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 proposed development is intended as a premium residential project, catering to the increasing demand for high-quality housing in Mumbai’s western suburbs. Versova remains a highly sought-after micro-market, driven by its robust social infrastructure, connectivity, and proximity to key commercial hubs.

Irfan Razack, Chairman and Managing Director of Prestige Group, commented, “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.”

In the last 10 days, Prestige Estates has announced two significant projects in Hyderabad and Gurugram. On April 1, Prestige Estates Projects Ltd announced entering into a partnership with a landowner to develop a 17-acre housing project in Gurugram, with an estimated revenue potential of ₹4,200 crore. The company secured a land parcel in Sector 92, Gurugram, and entered into a Joint Development Agreement (JDA) for a 17.212-acre land parcel.

Last week, the company launched a 29-acre township called Prestige Golden Grove in Hyderabad’s Tellapur. This 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. 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 development will offer a mix of 2-, 3-, 3.5-, and 4-bedroom apartments, including select 4BHK units with staff accommodation.

These recent announcements highlight Prestige Estates' commitment to expanding its footprint in key markets and delivering high-quality residential projects that meet the growing demands of modern urban living.