{"id":3230,"date":"2023-07-13T12:08:00","date_gmt":"2023-07-13T06:38:00","guid":{"rendered":"https:\/\/www.crematrix.com\/blog\/?p=3230"},"modified":"2026-05-22T12:48:57","modified_gmt":"2026-05-22T07:18:57","slug":"prestige-group-acquires-marine-lines-land-parcel-for-%e2%82%b9704-crore","status":"publish","type":"post","link":"https:\/\/www.crematrix.com\/blog\/prestige-group-acquires-marine-lines-land-parcel-for-%e2%82%b9704-crore\/","title":{"rendered":"Prestige Group Acquires Marine Lines Land Parcel for \u20b9704 Crore"},"content":{"rendered":"\n

Mumbai\u2019s 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 \u20b9704 crore. According to documents accessed by CRE Matrix<\/a>, 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.<\/p>\n\n\n\n

Structured Transaction Included Debt Settlement<\/strong><\/h2>\n\n\n\n

The acquisition involved multiple financial settlements linked to the asset. As part of the consideration, Prestige Group paid \u20b9360 crore to Edelweiss Assets Reconstruction Company Ltd and \u20b935 crore to Rare Assets Reconstruction Ltd, both of which had financial exposure to the property.<\/p>\n\n\n\n

In addition to these payments, the developer also took over liabilities worth \u20b9265 crore and paid \u20b944.29 crore directly to MDHRPL. The transaction highlights the scale and complexity often associated with premium land deals in Mumbai\u2019s redevelopment and luxury real estate market.<\/p>\n\n\n\n

Prestige Ocean Towers to Feature Ultra-Luxury Residences<\/strong><\/h2>\n\n\n\n

Prestige Group plans to develop two 55-storey luxury residential towers on the site under the project name \u201cPrestige Ocean Towers.\u201d The development is expected to offer premium four-bedroom residences with panoramic views of the Arabian Sea and Mumbai\u2019s iconic Queen\u2019s Necklace.<\/p>\n\n\n\n

The project\u2019s location near Marine Lines and Charni Road railway stations further enhances its connectivity and appeal within the South Mumbai luxury housing segment.<\/p>\n\n\n\n

Commenting on the project, Tariq Ahmed, CEO \u2013 West India, Prestige Group, stated that the company plans to launch \u201ctwo majestic towers with uber luxury 4 Bed residences\u201d as part of its continued expansion in Mumbai\u2019s premium residential market.<\/p>\n\n\n\n

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\u2019s third project in South Mumbai.<\/p>\n\n\n\n

The upcoming luxury development is estimated to have a revenue potential of nearly \u20b93,400 crore, further reflecting the continued demand for high-end sea-facing homes in Mumbai\u2019s limited luxury real estate market.<\/p>\n\n\n\n

Elevate your decisions in real estate as a developer or broker with CRE Matrix\u2018s data-driven insights. Book a demo now<\/a>!<\/p>\n\n\n\n

Media Mention<\/p>\n\n\n\n