Prestige Group plans Rs 3,500 cr investment for office space in Mumbai

09 Aug 2021 CW Team

Prestige Group, a real estate developer, intends to invest over Rs 3,500 crore in the Bandra-Kurla Complex (BKC) and Turf View at Mahalakshmi in south Mumbai to develop around 7 million sq ft of commercial space.

The new commercial development will be the country's tallest office building, with a ground plus 63-storey and 43 storey prestige Liberty Tower. The proposed 2.5 million sq ft property will include 400,000 sq ft of amenities, a business club, and a viewing gallery on the top floor, and is expected to be completed by 2025.

Juggy Marwaha, CEO, Prestige Office Ventures told the media that both projects have secured construction financing, and we are seeing strong demand for some large requirements.

The proposed investment is one of the most significant in recent years for commercial real estate development in Mumbai.

Marwaha told the media that the properties are already attracting tenants from the banking, financial services, and insurance (BFSI) industries, as well as information technology and IT-enabled services, as well as startups.

Prestige Estates Projects became a new partner in Turf Estate Joint Venture (JV) LLP on 24 March 2020, through its subsidiary Prestige Falcon Realty Ventures, with an equal share of losses and profits as DB Realty, subject to the conditions and terms outlined in the supplemental agreement dated March 24.

According to Marwaha, the pandemic has caused a shift in customer demand, and as a result, the company has planned both commercial and non-commercial projects that focus on technology, health, and safety issues that have a positive social, environmental, and economic impact.

The plan is to rebuild, reinvest, and redesign as the pandemic's demand shifts. Future offices will be very different, with a strong emphasis on demand and safety.

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Also read: RBI seeks additional office space near head office in south Mumbai

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