Prestige Estates Projects Ltd, a leading real estate developer, has entered into a significant partnership with Valor Group to develop a large-scale commercial office complex in Mumbai. The ambitious project, valued at approximately Rs 4,500 crore, aims to add 1.5 million square feet of leasable office space in the strategic Andheri West locality, further bolstering Mumbai’s commercial real estate landscape.
Landmark Joint Venture for Mumbai’s Commercial Real Estate
The framework agreement between Prestige Estates and Valor Group outlines the formation of a special purpose vehicle (SPV) to jointly develop the project on a 21,978.22 square metre freehold land parcel located at Sahar, Andheri East, Mumbai. Both partners will hold equal economic interest and voting rights in the SPV, reinforcing their shared commitment to the development.
Prestige Estates will inject Rs 504 crore into the SPV, marking a substantial financial commitment toward the project’s realization. The development is expected to serve the increasing demand for high-quality office spaces in Mumbai, catering to corporates looking for premium commercial real estate.
Project Highlights and Strategic Importance
- Project Location: Sahar, Andheri East, Mumbai
- Land Area: 21,978.22 square metres
- Leasable Area: 1.5 million sq ft
- Estimated GDV: Rs 4,500 crore
- Ownership: 50:50 joint venture between Prestige Estates and Valor Group
- Capital Infusion: Rs 504 crore from Prestige Estates into SPV
This new development will complement Mumbai’s growing office space inventory, particularly in the Western suburbs, an area favored by businesses for its connectivity and infrastructure.
Prestige Estates’ Expanding Footprint Beyond Mumbai
In addition to this project, Prestige Estates has announced plans to invest Rs 10,000 crore over the next six years to develop a sprawling 62.5-acre township in Ghaziabad, Uttar Pradesh. The company is also actively working on a commercial project in Delhi’s Aerocity, which includes hotels and office spaces, signaling a diversified growth strategy across major Indian cities.
Official Quotes
A Prestige Estates spokesperson commented,
“This strategic partnership with Valor Group marks a key milestone in our commercial real estate portfolio. The Rs 4,500 crore project in Mumbai’s Andheri West is aligned with our vision to deliver premium office spaces that meet evolving corporate needs.”
The filing further stated,
“We are committed to injecting Rs 504 crore into the SPV to ensure smooth execution and timely delivery of the project, creating value for stakeholders and tenants alike.”
Quick Facts Summary
| Aspect | Details |
|---|---|
| Developer | Prestige Estates Projects Ltd |
| Partner | Valor Group |
| Location | Sahar, Andheri East, Mumbai |
| Land Size | 21,978.22 square metres |
| Leasable Area | 1.5 million sq ft |
| Gross Development Value (GDV) | Rs 4,500 crore |
| JV Ownership | 50% Prestige Estates, 50% Valor Group |
| Capital Infusion by Prestige | Rs 504 crore |
| Additional Projects | 62.5-acre township in Ghaziabad; Aerocity, Delhi |
FAQ Section
1. What is the value of the new office complex project in Mumbai by Prestige Estates?
The project is valued at approximately Rs 4,500 crore.
2. Where is the office complex being developed?
The project is located on a 21,978.22 sqm freehold land parcel at Sahar, Andheri East, Mumbai.
3. How much leasable area will the project offer?
The office complex will provide about 1.5 million square feet of leasable commercial space.
4. What is the nature of the partnership between Prestige Estates and Valor Group?
Both companies will hold equal (50:50) economic interest and voting rights in the special purpose vehicle set up to develop the project.
5. What other major projects is Prestige Estates working on?
Prestige Estates plans to invest Rs 10,000 crore in a township development in Ghaziabad and is also developing commercial projects in Delhi’s Aerocity.