Bengaluru-based Prestige Projects acquires Land in Marine Lines

13 Jul 2023 CW Team

According to documents obtained from CRE Matrix, a real estate data analytics firm, the buyer paid a stamp duty of Rs 422.4 million. The transaction began in January of this year, with Prestige Group making an initial payment of Rs 1.3 billion. It was finalised on April 18 when the property was officially registered.

As part of the transaction, Prestige Group made payments of Rs 3.6 billion to lenders Edelweiss Assets Reconstruction Company and Rs 350 million to Rare Assets Reconstruction, who had provided financial facilities to MDHRPL. Additionally, Prestige Group assumed liabilities worth Rs 2.65 billion from Edelweiss Assets Reconstruction Company and paid Rs 442.9 million to MDHRPL.

Prestige Group's plans for the acquired plot involve the development of two luxury towers with 55 storeys each, offering sea-facing views. The project, called Prestige Ocean Towers, will be the company's third venture in South Mumbai, following two previous projects in Mahalaxmi. The plot enjoys a favourable location facing the Western Railway stations Marine Lines and Churni Road.

Tariq Ahmed, CEO of Prestige Group's West India division confirmed the transaction and announced the forthcoming launch of the two towers. He stated that these towers will feature opulent four-bedroom residences with breath-taking views of the Queen's necklace and the Arabian Sea. The expansion into Mumbai's luxury real estate market signifies Prestige Group's continued growth in the city.

Prestige Group has established a strong presence in both residential and commercial sectors in the Mumbai market. Their portfolio includes projects such as Prestige Jasdan Classic, Prestige Liberty Towers with views of the racecourse and Arabian Sea in Mahalaxmi, two projects in Worli, Prestige Daffodils in Pali Hill, Bandra, and Prestige City in Mulund. Additionally, the group is developing the office complex 101 BKC and Prestige Towers in Bandra Kurla Complex. It is estimated that Prestige Ocean Towers alone will have a revenue potential of Rs 34 billion.

Prestige Projects, a developer based in Bengaluru, has acquired a prime land parcel spanning 2.3 acres adjacent to SK Patil Park on Maharshi Karve Road in Marine Lines for a total of Rs 7.04 billion. The purchase was made from Marine Drive Hospitality and Realty (MDHRPL), a subsidiary of DB Realty, and included an old petrol pump, a municipal office, and a parking lot.According to documents obtained from CRE Matrix, a real estate data analytics firm, the buyer paid a stamp duty of Rs 422.4 million. The transaction began in January of this year, with Prestige Group making an initial payment of Rs 1.3 billion. It was finalised on April 18 when the property was officially registered.As part of the transaction, Prestige Group made payments of Rs 3.6 billion to lenders Edelweiss Assets Reconstruction Company and Rs 350 million to Rare Assets Reconstruction, who had provided financial facilities to MDHRPL. Additionally, Prestige Group assumed liabilities worth Rs 2.65 billion from Edelweiss Assets Reconstruction Company and paid Rs 442.9 million to MDHRPL.Prestige Group's plans for the acquired plot involve the development of two luxury towers with 55 storeys each, offering sea-facing views. The project, called Prestige Ocean Towers, will be the company's third venture in South Mumbai, following two previous projects in Mahalaxmi. The plot enjoys a favourable location facing the Western Railway stations Marine Lines and Churni Road.Tariq Ahmed, CEO of Prestige Group's West India division confirmed the transaction and announced the forthcoming launch of the two towers. He stated that these towers will feature opulent four-bedroom residences with breath-taking views of the Queen's necklace and the Arabian Sea. The expansion into Mumbai's luxury real estate market signifies Prestige Group's continued growth in the city.Prestige Group has established a strong presence in both residential and commercial sectors in the Mumbai market. Their portfolio includes projects such as Prestige Jasdan Classic, Prestige Liberty Towers with views of the racecourse and Arabian Sea in Mahalaxmi, two projects in Worli, Prestige Daffodils in Pali Hill, Bandra, and Prestige City in Mulund. Additionally, the group is developing the office complex 101 BKC and Prestige Towers in Bandra Kurla Complex. It is estimated that Prestige Ocean Towers alone will have a revenue potential of Rs 34 billion.