Prestige Estates Projects Acquires 22,135 Sq M Land in Mira Bhayandar for INR 291.58 Crore
Prestige Estates Projects has bolstered its presence in Mumbai's real estate market by acquiring 22,135 square metres of land for a substantial INR 291.58 crore. This strategic move underscores the company's commitment to expanding its portfolio in high-p
Prestige EstatesMira BhayandarReal EstateLand AcquisitionMumbaiReal EstateNov 21, 2024
Prestige Estates Projects, headquartered in Bangalore, has a rich history of developing high-quality residential and commercial properties across major cities in India. With a portfolio spanning over 38 years, the company has established a reputation for delivering innovative and sustainable real estate solutions. This latest acquisition in Mira Bhayandar is a testament to the company's foresight and strategic vision.
Mira Bhayandar, located in the western suburbs of Mumbai, has emerged as a preferred destination for homebuyers and investors due to its proximity to key commercial hubs and excellent connectivity. The region is well-connected by the Mumbai Suburban Railway and is close to major highways, making it an attractive location for both residential and commercial developments.
The 22,135 square metres of land acquired by Prestige Estates Projects is strategically situated in a prime location, offering easy access to essential amenities such as schools, hospitals, and shopping centers. The company plans to leverage this acquisition to develop a mix of residential and commercial projects that cater to the diverse needs of the market.
Ravi R. Menon, Chairman and Managing Director of Prestige Estates Projects, expressed his enthusiasm about the acquisition, stating, 'This strategic land acquisition in Mira Bhayandar is a significant milestone for us. We are committed to bringing our expertise and innovative approach to this vibrant and rapidly growing market. Our goal is to create world-class properties that offer exceptional value and quality to our customers.'
The real estate market in Mira Bhayandar has been witnessing a surge in demand, driven by factors such as affordable property prices, improved infrastructure, and a robust economy. This has attracted several leading developers to the region, intensifying competition. However, Prestige Estates Projects is well-positioned to capitalize on this growth due to its strong brand presence and track record.
In conclusion, this acquisition by Prestige Estates Projects in Mira Bhayandar is a strategic move that aligns with the company's growth strategy. It not only strengthens its presence in the Mumbai market but also positions it to capitalize on the region's potential for future growth and development.
Frequently Asked Questions
What is the size of the land acquired by Prestige Estates Projects in Mira Bhayandar?
Prestige Estates Projects has acquired 22,135 square metres of land in Mira Bhayandar.
How much did Prestige Estates Projects pay for the land in Mira Bhayandar?
The company paid INR 291.58 crore for the land in Mira Bhayandar.
What is the strategic importance of Mira Bhayandar for Prestige Estates Projects?
Mira Bhayandar is a rapidly growing suburban area with excellent connectivity and proximity to key commercial hubs, making it an attractive location for both residential and commercial developments.
What are the plans for the acquired land in Mira Bhayandar?
Prestige Estates Projects plans to develop a mix of residential and commercial projects on the acquired land to cater to the diverse needs of the market.
Who is the Chairman and Managing Director of Prestige Estates Projects?
Ravi R. Menon is the Chairman and Managing Director of Prestige Estates Projects.
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