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

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..