Prestige Estates Bought a Land Parcel for Rs 704 Crore in Mumbai

The renowned real estate group Prestige Estates acquired a land parcel in Bhuleshwar, South Mumbai, from DB Realty's Subsidiary Marine Drive Hospitality and Realty.

Prestige Estates came to Mumbai in 2021 and currently has two major projects to be launched in Mumbai. The group has decided to expand its presence in Mumbai, and for the same, it bought a 2.3-acre land parcel in Bhuldeshwar, South Mumbai. The deal was finalised at Rs. 704 crore.

Initially, when there was nothing about the deal, DB Realty planned to construct a 125-storey luxury hotel. But, now the plan is to construct a luxurious residential project with 2 towers!

Tariq Ahmed, CEO of West India, Prestige Group, said the company bought the prime sea-facing land parcel and will soon launch two majestic towers. These towers will have uber-luxury four-bed residences with unstinted views of the Queen's Necklace and the Arabian Sea.

Earlier, Edelweiss Asset Reconstruction Company decided to auction this land parcel in Bhuleshwar to recover Rs 473 crore of a loan along with interest. Last year, Edelweiss ARC subsidiary Marine Drive Hospitality that DB Realty owned after it failed to repay the loan of Rs 439 crore.

After the final deal of this land in Bhuleshwar, DB Realty repaid the lenders with the money paid by Prestige Estates for this land. And now, every loan obligation has also been removed.