Prestige Estates shares gain as it forms JV to develop residential project in Mumbai with GDV of ₹9,000 crore

Shares of Prestige Estates Projects Ltd. gained on Friday, April 10, after the company said it will develop a land parcel in Versova, Mumbai with an estimated gross development value of more than ₹9,000 crore.Prestige Estates on Thursday said it has entered a joint venture with ABIL Group for the development, via Aaramnagar Realty LLP, which jointly holds the development rights to the land parcel in Aram Nagar, Versova.

The development spans a land of around 6 acre and offers a total development potential of around 1.7 million square feet, the company said.
It added that the 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 company 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,” Irfan Razack, chairman and MD of Prestige Group, said.

Shares of Prestige Estates Projects were up 0.8% at ₹1,330 apiece at 9.3am on Friday. The stock ahs declined 17% this year, so far.

Also Read: Poonawalla Fincorp shares in focus after ₹2,500 crore QIP launch; CNBC-TV18 Newsbreak confirmed