Prestige Estates acquires 2.16 acre land parcel in Byculla
Prestige Group, a realty developer, has acquired 2.16 acre land parcel in Byculla locality, Mumbai, for Rs 185 crore as part of its plan to develop more projects.
Prestige Estate Projects has acquired this prime land parcel from Jasdan Construction. Both the entities had earlier entered into a joint development pact and Prestige, which held 73 percent in the proposed project, has now bought out the land owner. This land parcel is the latest addition to the company’s development portfolio in Mumbai and the project will offer development potential of over 0.61 million sq ft.
The company is planning to make an investment of more than Rs 3,500 crore to develop around seven million sq ft commercial real estate in Bandra-Kurla Complex (BKC) and Turf View at Mahalakshmi in South Mumbai. The proposed investment in these projects is one of the largest by any developer for commercial real estate development in Mumbai in recent times.
The latest transaction for the outright purchase of the plot was executed on 17 August 2021 and registered with the stamp duty authority on 18 August 2021. The deal has attracted stamp duty of Rs 9.25 crore.
The project is expected to be launched in Q3/FY22 and the construction work has been given to Larsen & Toubro (L&T). The company is not only expanding in Hyderabad and Chennai but also reaching wider into Mumbai, National Capital Region (NCR) and Pune. It also holds land banks in several cities, such as Hyderabad and Mumbai, in prime locations for mixed-use that will help scale their operations. The company has 42 million sq ft under-construction residential projects and an additional 30 million sq ft under planning stage. It also holds a land bank with potential development of 27 million sq ft.