Mumbai’s luxury real estate market continues to attract major investments, particularly in South Mumbai, where land parcels are increasingly scarce. In a significant deal, Bengaluru-based developer Prestige Group has acquired a 2.3-acre land parcel in Marine Lines for ₹704 crore. According to documents accessed by CRE Matrix, the site was purchased from Marine Drive Hospitality and Realty Pvt Ltd (MDHRPL), a subsidiary of DB Realty. The transaction was completed on April 18 and is expected to pave the way for a new luxury residential development in South Mumbai.
Structured Transaction Included Debt Settlement
The acquisition involved multiple financial settlements linked to the asset. As part of the consideration, Prestige Group paid ₹360 crore to Edelweiss Assets Reconstruction Company Ltd and ₹35 crore to Rare Assets Reconstruction Ltd, both of which had financial exposure to the property.
In addition to these payments, the developer also took over liabilities worth ₹265 crore and paid ₹44.29 crore directly to MDHRPL. The transaction highlights the scale and complexity often associated with premium land deals in Mumbai’s redevelopment and luxury real estate market.
Prestige Ocean Towers to Feature Ultra-Luxury Residences
Prestige Group plans to develop two 55-storey luxury residential towers on the site under the project name “Prestige Ocean Towers.” The development is expected to offer premium four-bedroom residences with panoramic views of the Arabian Sea and Mumbai’s iconic Queen’s Necklace.
The project’s location near Marine Lines and Charni Road railway stations further enhances its connectivity and appeal within the South Mumbai luxury housing segment.
Commenting on the project, Tariq Ahmed, CEO – West India, Prestige Group, stated that the company plans to launch “two majestic towers with uber luxury 4 Bed residences” as part of its continued expansion in Mumbai’s premium residential market.
Prestige Group has steadily increased its presence in Mumbai through projects across Mahalaxmi, Worli, Bandra, Mulund, and Bandra Kurla Complex. Prestige Ocean Towers will mark the developer’s third project in South Mumbai.
The upcoming luxury development is estimated to have a revenue potential of nearly ₹3,400 crore, further reflecting the continued demand for high-end sea-facing homes in Mumbai’s limited luxury real estate market.
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Media Mention
- Economic Times: Prestige Estates acquires DB Realty’s south Mumbai land parcel for Rs 704 crore
- The Hindu: Prestige Group buys 2.3-acre land parcel in Mumbai from DB Realty firm for Rs 704 crore
- Money Control: Prestige Group purchases 2.3 acre land parcel in Mumbai for Rs 704 crore
- Hindustan Times: Prestige Group buys 2.3-acre land for ₹704 crore
