Prestige, ABIL Join Hands for Rs 90 Bn Versova Project

Real estate major Prestige Estates Projects has partnered with ABIL Group to develop a large premium residential project in Mumbai’s Versova which establishes their presence in one of the city’s most desirable micro-markets.

The proposed project will be developed on a prime land parcel of approximately six acres in the Aaram Nagar area with an estimated value of around ₹9,000 crore which equals ₹90 billion.The development will create almost 1.7 million square feet of total built-up space which will serve the needs of premium housing customers.

The western suburbs of Mumbai contain Versova which attracts high levels of demand because it has developed social infrastructure and transportation systems and stands close to important business centers.

Key Highlights

• Prestige Estates and ABIL Group partner for Rs 9000 crore Versova project.
• Project spans six acres with 1.7 million square feet development potential area.
• Premium residential project targets strong demand in Mumbai western suburbs housing market.

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The project will meet market demand through its development of premium residential properties that meet the needs of wealthy homebuyers.

The partnership demonstrates a developing pattern which exists in Mumbai's real estate sector because developers now choose to form joint ventures for handling the difficult process of obtaining land and acquiring regulatory approvals while executing their projects.

Prestige Estates and ABIL Group plan to use their combined knowledge and skills to successfully complete their major project work within a highly competitive area with limited available space.

The agreement enhances Prestige Estates' strategic position in Mumbai which serves as a vital market for the company's growth initiatives.

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The project further expands its collection of high-end properties which it operates in leading Indian urban centers. The development will provide upscale residential units to Versova which suffers from a shortage of land while it strengthens the developers' position in India's premium real estate market.