Prestige Group buys sea-facing land in Mumbai for Rs 704 crore | Luxury Project
Prestige Group, a leading real estate developer in India, has acquired a 2.3-acre land parcel in Mumbai’s Marine Lines for Rs 704 crore. The company plans to launch two luxury towers with four-bed residences overlooking the Queen’s Necklace and the Arabian Sea.
Prestige Group acquires prime land in Mumbai
Mumbai, July 11: Prestige Group, one of the top real estate developers in India. It has bought a 2.3-acre land parcel in Bhuleshwar, South Mumbai, from Marine Drive Hospitality and Realty Pvt Ltd, a subsidiary of DB Realty, for Rs 704 crore.
The deal was registered on April 18 and the buyer paid Rs 42.24 crore as stamp duty. According to documents accessed by CRE Matrix, a real estate data analytics firm.
The land parcel is located in the prime sea-facing area of Marine Lines. It has a development potential of about 5 lakh sq ft. Prestige Group plans to launch two majestic towers with uber-luxury four-bed residences. It will offer panoramic views of the Queen’s Necklace and the Arabian Sea.
Prestige Group to launch luxury project in Mumbai
“With this acquisition, we have further strengthened our presence in Mumbai’s luxury segment. We are confident that our upcoming project will set a new benchmark for quality and design in the city and cater to the discerning tastes of our high-end customers,” said Tariq Ahmed, CEO, West India, Prestige Group.

Prestige Group is one of the leading real estate developers in the country with a diversified portfolio. They do residential, commercial, retail, hospitality and industrial projects. The company has a presence in Bengaluru, Chennai, Hyderabad, Kochi, Mangaluru, Mysuru, Pune and Goa. It entered the Mumbai market in 2019. Furthermore, the acquisition of a 50 percent stake in DB Realty’s residential project in Bandra.
The company has also partnered with HDFC Capital Advisors to create a Rs 2,500 crore platform. The goal of Prestige is to make it more affordable and mid-income housing projects across India. It recently announced its foray into the Delhi-NCR market. It included the acquisition of a 25-acre land parcel in Sector 150, Noida.
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