Prestige Group purchases 2.3 acre land parcel in Mumbai for Rs 704 crore

The Prestige Group has bought out the prime sea-facing land parcel in South Mumbai’s Marine Lines. Prestige will soon be launching two majestic towers with uber-luxury four-bed residences

Bengaluru-based Prestige Group has purchased 2.3 acres of land in Bhuleshwar, Mumbai, from Marine Drive Hospitality and Realty Pvt Ltd, a subsidiary of DB Realty, for Rs 704 crore, documents accessed by CRE Matrix, a real estate data analytics firm, showed.

The stamp duty paid for by the buyer on the transaction is Rs 42.24 crore.

The transaction was registered on April 18.

“The Prestige Group has bought out the prime sea-facing land parcel in South Mumbai’s Marine Lines. Prestige will soon be launching two majestic towers with uber-luxury four-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,” said Tariq Ahmed, CEO, West India, Prestige Group.

An email has been sent to DB Realty as well.

Recently, the Prestige Group completed two strategic acquisitions, of Prestige (BKC) Realtors Private Ltd and Turf Estate Joint Venture LLP, from DB Group for Rs 1,176 crore, the company said in a regulatory filing.

Prestige Group had said on May 29 that it had entered into agreements to increase its stake from 50 percent to 100 percent by purchasing the remaining securities of its joint venture Prestige (BKC) Realtors from DB Group and its subsidiaries for Rs 978.70 crore. This was done through its wholly-owned subsidiary, Prestige Falcon Realty Ventures Pvt Ltd.

For the second acquisition, Prestige Estates announced it had entered into agreements to acquire the remaining 50 percent partnership interest in Turf Estate Joint Venture LLP from DB Realty Ltd for a consideration of Rs 197.79 crore.

Earlier this month, the National Company Law Appellate Tribunal (NCLAT) had stayed a bankruptcy court order to admit an insolvency resolution plea filed by DB Realty. The matter has now been posted for hearing on September 6.