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MUMBAI: Prestige Group, a leading real estate developer, has acquired a 2.35-acre land parcel in Mulund (West), Mumbai, for ₹110.75 crore. This move strengthens its development pipeline in one of the country’s most expensive property markets amidst ongoing demand for residential projects.
The acquisition was made through Prestige Mulund Realty Pvt Ltd, purchasing the property from Shamvik Glasstech Pvt Ltd and General Glass Company Pvt Ltd. The deal was registered on July 16, with a stamp duty payment of ₹6.64 crore, as per property registration documents from CRE Matrix, a real estate data analytics platform.
The acquired site spans 2.35 acres and includes an existing built structure of 4,638.06 square meters, along with 28 car parking spaces.
Despite attempts to contact them, Prestige Group did not respond to RealtyDailyNews’s email inquiry regarding the purchase.
This acquisition aligns with the Bengaluru-based developer’s strategy to expand its footprint in the Mumbai Metropolitan Region through direct land purchases, redevelopment initiatives, and joint development agreements. The Mumbai market has become increasingly important for the company as it seeks to diversify beyond its southern India base.
Mulund has seen rising developer interest due to improved connectivity via the Eastern Express Highway, upcoming Metro lines, and a scarcity of large, developable land parcels. Steady homebuyer demand has also encouraged developers to increase their project pipeline in this area.
While specific plans for the newly acquired site remain unconfirmed, this purchase highlights the ongoing appetite among developers for strategically located land, even in the face of high acquisition costs.
Land transactions in Mumbai have accelerated over the past year as developers aim to refresh their project pipelines against a backdrop of solid residential sales. Strategies like outright acquisitions, joint ventures, and redevelopment agreements are increasingly favored in established suburban markets.
Prestige Group is among the most active national developers in Mumbai, making significant land acquisitions and initiating redevelopment projects city-wide. This latest acquisition is anticipated to bolster its portfolio in the eastern suburbs.
