Prestige Estates Projects Limited has announced a significant expansion into Mumbai's residential market through a strategic joint venture with ABIL Group. The partnership, announced on April 9th, 2026, marks the company's entry into a substantial ₹9,000 crore residential opportunity in Versova, one of Mumbai's sought-after western suburbs.

Joint Venture Structure and Development Details

The collaboration is structured through Aaramnagar Realty LLP, which jointly holds development rights to a prime land parcel in Aram Nagar, Versova. ABIL Group brings expertise as a developer of premium real estate and hospitality projects in Pune and Mumbai, complementing Prestige's established market presence.

Strategic Market Positioning

The proposed development targets the growing demand for high-quality residential projects in Mumbai's western suburbs. Versova's appeal as a micro-market stems from its robust social infrastructure, strong connectivity, and strategic proximity to key commercial hubs across the city.

This opportunity represents a natural extension of Prestige's strategic focus on expanding in high-demand and quality supply-constrained urban markets. The location choice reflects the company's commitment to identifying premium development opportunities in established residential corridors.

Management Commentary

Chairman and Managing Director Irfan Razack emphasized Mumbai's importance in the company's expansion strategy. "Mumbai remains a key focus market for us, and this opportunity in Versova is a natural extension of our growing presence in the city," he stated. "We continue to see steady demand for well-located, quality developments, particularly in established micro-markets such as Versova."

Razack further outlined the company's broader growth approach: "We will continue to build a robust pipeline of projects across geographies to sustain our growth momentum while maintaining our focus on execution and timely delivery."

Company Portfolio Overview

Prestige Group maintains its position as one of India's most diversified real estate developers, with nearly four decades of industry experience. The company's portfolio encompasses residential, commercial, retail, hospitality, and integrated township developments across major Indian cities.

The Versova project addition strengthens Prestige's presence in Mumbai's competitive real estate market while expanding its premium residential portfolio in one of India's most dynamic property markets.

Prestige Estates Projects Limited has completed the acquisition of a 50% partnership interest in Aaramnagar Realty LLP on April 9, 2026, marking a strategic expansion into Mumbai's real estate market. The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Acquisition Details

The transaction involves a cash consideration structure with Prestige Estates Projects Limited infusing capital into the target entity. The acquisition was completed on the same date as announced, demonstrating the company's swift execution capabilities in strategic investments.

Target Entity Profile

Aaramnagar Realty LLP operates in the real estate, construction and development sector. The limited liability partnership was established in 2018 and has maintained a focused approach to real estate development activities.

Strategic Objectives

The acquisition aligns with Prestige Estates Projects Limited's expansion strategy, specifically targeting the development of a real estate project in Versova, Mumbai. This move represents the company's entry into one of Mumbai's premium residential and commercial locations.

Regulatory and Corporate Governance

The transaction maintains transparency in corporate governance practices. Key regulatory aspects include:

• No related party transaction implications
• No promoter or promoter group interest in the transaction
• No specific governmental or regulatory approvals required
• Full compliance with SEBI disclosure requirements

The acquisition was disclosed in accordance with SEBI circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring complete regulatory compliance and transparency for stakeholders.