Prestige Estates, ABIL Group to develop ₹9,000 crore residential project in Mumbai’s Versova

Realty firm Prestige Estates Projects Ltd on Thursday (April 9) said it has acquired a 50% partnership interest in Aaramnagar Realty LLP, investing ₹180 crore through capital and current account contributions.The LLP will be used to develop a land parcel, with ABIL Group — a developer of premium real estate and hospitality projects in Pune and Mumbai — undertaking the project through the entity.

Aaramnagar Realty LLP jointly holds the development rights to the land parcel in Aram Nagar, Versova, Mumbai. The development spans a land area of approximately 6 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 crore.
Also Read: Prestige Group expands NCR play with ₹4,200 cr Gurugram projectThe proposed development is envisaged as a premium residential project, catering to the growing demand for high-quality developments in Mumbai’s western suburbs. Versova continues to be a sought-after micro-market, driven by its strong social infrastructure, connectivity, and proximity to key commercial hubs.

The acquisition was completed on April 9, 2026 and was made through cash consideration. Aaramnagar Realty LLP, incorporated in 2018, operates in the real estate, construction and development business.

The transaction is not a related party deal, and the promoter or promoter group of Prestige Estates Projects has no interest in it. The acquisition is intended for the development of a real estate project in Versova, Mumbai.Also Read: Prestige Estates Q2 Results | Profit more than doubles to ₹430 crore on stronger margins

Aaramnagar Realty LLP reported nil turnover for the year ended March 31, 2025, and has recorded nil turnover over the last three years. No governmental or regulatory approvals were required for the transaction.

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

Shares of Prestige Estates Projects Limited ended at ₹1,318.20, down by ₹3.70, or 0.28%, on the BSE.

Also Read: Prestige Group sees stable real estate market, targets ₹30,000 crore pre-sales in FY26