Prestige Group buys 2.3-acre land for ₹704 crore

Mumbai: Bengaluru-based developer Prestige Projects Pvt Ltd has purchased a prime piece of land parcel spread over 2.3 acres next to SK Patil Park on Maharshi Karve Road in Marine Lines for ₹704 crore.

The listed developer purchased the 9,309 sq m plot, which housed an old petrol pump, a municipal office, and a parking lot from Marine Drive Hospitality and Realty Pvt Ltd (MDHRPL), a subsidiary of DB Realty.

The buyer paid a stamp duty of ₹42.24 crore, according to documents accessed and shared by CRE Matrix, a real estate data analytics firm.

The transaction was initiated in January this year, with Prestige Group paying the first tranche of ₹130 crore, and was concluded on April 18 when the property was registered.

The transaction included payments of ₹360 crore to lenders Edelweiss Assets Reconstruction Company Ltd and ₹35 crore to Rare Assets Reconstruction Ltd which had provided financial facilities to MDHRPL.

Prestige Group also took over ₹265 crore worth of EARC’s liabilities as part of the consideration and paid ₹44.29 crore to MDHRPL.

Prestige Group plans to launch two luxury towers of 55-storey with sea-facing views on this plot which faces the Western Railway stations Marine Lines and Churni Road. The project will be christened Prestige Ocean Towers and will be their third project in South Mumbai after two Mahalaxmi projects.

Confirming the transaction, Tariq Ahmed, CEO, West India, Prestige Group, said “The Prestige Group will soon be launching two majestic towers with uber luxury 4 Bed residences. These residences will have unstinted views of the Queen’s necklace and the Arabian Sea. With this, the Prestige group will further expand its presence in Mumbai’s luxury space.”

Prestige Group has made rapid strides into the Mumbai market in both residential and commercial sectors. The group has launched Prestige Jasdan Classic, Prestige Liberty Towers with Racecourse and Arabian Sea views in Mahalaxmi, two projects in Worli, Prestige Daffodils in Pali Hill, Bandra, and Prestige City in Mulund. The group is also developing office complex 101 BKC and Prestige Towers in Bandra Kurla Complex. The Prestige Ocean Towers is expected to generate a revenue potential of ₹3,400 crore.