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 Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..