In a significant move to expand its footprint in Mumbai’s competitive real estate market, Bengaluru-based Prestige Estates Projects Ltd has entered into a joint venture with Valor Group (formerly DB Realty). Together, they are set to develop a state-of-the-art office complex in the bustling Andheri area of Mumbai, valued at ₹4,500 crore. This development marks a major step in Prestige Estates’ journey to transform the Mumbai skyline, adding another feather to its cap following its recent debut in the city.
The office complex, expected to span 21,978 square meters, represents a strategic venture into Mumbai’s rapidly growing commercial real estate sector, with a shared 50% economic stake between Prestige Estates and Valor Group. This partnership signals the growing trend of collaboration in India’s real estate sector, where major developers are pooling resources to cater to the ever-increasing demand for high-quality office spaces.
Project Overview: Prestige Estates and Valor Group’s ₹4,500 Crore Office Complex
Key Details:
- Total Project Value: ₹4,500 crore
- Location: Andheri East, Mumbai
- Land Area: 21,978.22 square meters
- Partnership Structure: 50% economic stake for both Prestige Estates and Valor Group
- Special Purpose Vehicle (SPV) Investment: ₹504 crore will be injected into an SPV to execute the project
- Projected Development: Commercial office space catering to the rising demand in Mumbai’s business district
Partnership Structure:
The joint venture, signed on May 28, 2025, between Prestige Estates and Valor Group will ensure both companies share the financial risks and rewards equally. Both developers will be leveraging their expertise to deliver a landmark office space that promises to offer the latest in architectural design and amenities.
The project will be executed through a Special Purpose Vehicle (SPV), which is a common practice in large real estate ventures. This structure provides better risk management and transparency, crucial for such a high-value development.
Mumbai: A Hotbed for Commercial Real Estate
Mumbai, with its status as the commercial capital of India, continues to witness high demand for office spaces, particularly in areas like Andheri, which are known for their connectivity and proximity to major business hubs. The Prestige-Valore project will add a modern and sophisticated commercial option to this high-demand area, meeting the needs of global and domestic businesses seeking prime office locations.
Prestige Estates’ Expanding Presence in Mumbai
Prestige Estates’ venture into Mumbai, only recently initiated in 2022, has already seen success with its first few landmark deliveries. The company has successfully completed several notable developments in the city, including:
- Siesta at The Prestige City, Mulund
- Prestige Jasdan Classic
- Prestige Turf Tower, Mahalaxmi
These projects collectively span 2.8 million square feet and represent the company’s foray into the Mumbai real estate market. With nearly 700 residences and 130 office units expected to be handed over soon, Prestige Estates is rapidly establishing itself as a major player in Mumbai’s property sector.
Official Quotes:
Irfan Razack, Chairman and Managing Director of Prestige Estates, commented on the company’s strategic expansion:
“Having established a strong presence in the residential and commercial segments, we are committed to shaping the future of real estate in Mumbai and beyond. This partnership with Valor Group is another step in that direction, and we are excited about the potential of this new office complex in Andheri.”
A representative from Valor Group echoed these sentiments:
“We are pleased to partner with Prestige Estates in what promises to be a landmark office development in Andheri. Our combined expertise will ensure that this project becomes a key destination for businesses in the city.”
Summary Table: Key Facts
| Project Detail | Information |
|---|---|
| Project Value | ₹4,500 Crore |
| Location | Andheri East, Mumbai |
| Land Area | 21,978.22 sq. meters |
| Joint Venture Partners | Prestige Estates, Valor Group |
| Economic Stake | 50% each for both partners |
| SPV Investment | ₹504 Crore |
| Total Development Area | Commercial office spaces |
FAQ Section:
Q1: What is the total investment for the new office complex in Andheri?
The total investment in the office complex is ₹4,500 crore.
Q2: Which companies are involved in this development project?
The project is a collaboration between Bengaluru-based Prestige Estates Projects Ltd and Mumbai-based Valor Group.
Q3: How large is the land area for this office development?
The project spans 21,978.22 square meters of land in Andheri East, Mumbai.
Q4: What is the special purpose vehicle (SPV) mentioned in the report?
An SPV is a legal entity created for the purpose of carrying out a specific business venture. In this case, ₹504 crore will be injected into the SPV to manage and execute the office development project.
Q5: What is Prestige Estates’ legacy in the real estate market?
Prestige Estates has a 38-year legacy and has completed over 300 projects across various segments, including residential, commercial, retail, hospitality, and mixed-use developments.