Prestige Estates Enters ₹9,000 Crore Residential Project in Versova, Mumbai
Prestige Estates gains on Rs 9,000 crore Versova residential project entry
Business Standard
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Prestige Estates Projects has announced a joint venture with ABIL Group to develop a premium residential project in Versova, Mumbai, valued at over ₹9,000 crore. The project will cover approximately 1.7 million square feet and is part of Prestige's strategy to expand in high-demand urban markets.
- 01Prestige Estates shares rose by 1.57% following the announcement.
- 02The Versova project will span around 6 acres with a development potential of 1.7 million square feet.
- 03The estimated gross development value of the project is over ₹9,000 crore.
- 04The project aims to meet the rising demand in Mumbai's western suburbs.
- 05Prestige has a strong track record with 313 delivered projects and a significant pipeline.
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Prestige Estates Projects saw a 1.57% increase in share price, reaching ₹1338.90, following its announcement of a joint venture with ABIL Group for a premium residential project in Versova, Mumbai. This development, undertaken through Aaramnagar Realty LLP, will cover approximately 6 acres and has a total development potential of about 1.7 million square feet. The estimated gross development value exceeds ₹9,000 crore. This initiative aligns with Prestige's strategy to expand in high-demand, supply-constrained urban markets, particularly in Mumbai's western suburbs, which are known for strong social infrastructure and connectivity. The company aims to strengthen its presence in established residential clusters. As of December 2025, Prestige Group has successfully delivered 313 projects covering 206 million square feet and has a pipeline of 128 projects spanning 195 million square feet. In Q3 FY26, the company's consolidated net profit surged over twelve-fold to ₹222.6 crore, up from ₹17.7 crore in Q3 FY25, with revenue from operations soaring 134.06% year-on-year to ₹3872.6 crore.
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The new residential project in Versova is expected to enhance housing availability in Mumbai's western suburbs, addressing the rising demand for premium residences.
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