Prestige Estates Projects Limited confirmed that the Bombay High Court has set aside a Maharashtra Real Estate Regulatory Authority (MahaREAT) order, effectively restoring the de-registration of its Turf View project in Mahalaxmi, Mumbai.

The court’s order, dated September 29, 2026, overturned a previous directive from September 2, 2022. This legal development reinstates the regulatory position regarding the change of promoter approved in October 2021.

Legal resolution and dispute settlement

The company stated that all concerned parties have duly settled their respective disputes and claims relating to the matter. This resolution brings closure to the proceedings and aligns the current status with the original orders prior to the regulatory intervention.

The restoration of the de-registration signifies that the project is no longer bound by the specific regulatory constraints imposed by the 2022 order. The company filed this information with both the National Stock Exchange and the BSE on October 1, 2026.

Prestige Estates Projects Limited has entered into an agreement to sell approximately 27% equity in its subsidiary Prestige Hospitality Ventures Limited (PHVL) to CPP Investment Board Private Holdings (4) Inc. (CPPIB). The transaction involves an investment of up to ₹3,000 crore by the Canadian pension fund.

The deal was executed on September 29, 2026, following approval from the company’s sub-committee of the Board of Directors. The investment will be made in three tranches through a combination of primary infusion and secondary purchase. PHVL is a material wholly owned subsidiary of Prestige Estates.

Transaction Structure and Tranches

The total consideration of ₹3,000 crore will be deployed across three distinct phases. The first tranche involves both the sale of existing shares by Prestige and the issuance of new preference shares by PHVL. Subsequent tranches consist solely of new share issuances.

The Compulsorily Convertible Preference Shares (CCPS) have a face value of ₹10 each. The completion of the first tranche is expected within 60 days, subject to regulatory approvals, including those from the Competition Commission of India.

Governance and Exit Rights

Upon consummation, CPPIB will secure governance rights in PHVL, including affirmative voting rights on specified matters. The agreement grants CPPIB exit rights after five years, exercisable either through an initial public offering of PHVL shares or a put option against Prestige Estates and PHVL for the purchase of CPPIB’s holding.

CPPIB is not related to the promoter group or group companies of Prestige Estates. Consequently, the transaction does not fall under the ambit of related party transactions.

What the Numbers Show

The disclosure highlights the relative scale of the subsidiary within the parent entity’s portfolio. In the last financial year, Prestige Estates reported a consolidated turnover of ₹131,955 million, while PHVL’s standalone turnover stood at ₹3,458.96 million. This indicates that PHVL contributes roughly 2.6% to the parent’s consolidated revenue base, suggesting that the ₹3,000 crore valuation represents a significant premium relative to current revenue generation, likely driven by asset value or future growth potential in the hospitality sector.