Prestige Estates buys Mumbai housing project from Ariisto

26 Mar 2021 Editorial Team

Prestige Estates Projects is set to take over a 7.5 million sq ft Mumbai housing project from bankrupt firm Ariisto Developers following a court decision.

The Bengaluru-based developer plans to launch the first phase of the project by May and the second phase towards the end of the year.

Prestige estimates revenues of more than Rs 140 crore from the 7.5 million sq ft under development. The company told the media that this is its largest project in Mumbai.

The real estate major emerged as a top bidder for bankrupt Ariisto Developers in November 2019, but the proceedings were then stuck in court and further delayed due to the Covid-19 pandemic. According to the company, creditors had combined claims of about Rs 2,500 crore, of which Prestige offered to pay Rs 1,600 crore.

Prestige will pay Rs 370 crore upfront to creditors under the resolution plan and allot them some 800,000 sq ft of fully constructed area, the company said. Creditors include IIFL, HDFC, Piramal Group and other wealthy individuals and homebuyers.

More than 500 apartments had been stuck for more than a decade as India’s real estate sector saw a series of challenges, including a crisis in the shadow banking industry and unfavourable government policies.

Image Source

Also read: Prestige Group to invest Rs 20 bn on housing projects

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..