Prestige Estates Projects has incorporated two new entities, Southgrove Homes LLP and Parkgrove Realty LLP, as wholly-owned subsidiaries. The incorporation was completed on September 9, 2026, marking an expansion of the company’s operational structure in the real estate sector.

The company disclosed the move under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that both limited liability partnerships are yet to commence business operations.

Subsidiary Details

Both entities were established to carry on the business of real estate development in India under the Limited Liability Partnership Act, 2008. The company holds 100% partnership interest in each subsidiary.

The total contribution for each entity stands at ₹1,00,000, provided directly and indirectly by the company and its subsidiary. No promoter or promoter group interest exists in these transactions, and no governmental or regulatory approvals were required for the incorporation.

Strategic Context

The establishment of these separate legal entities allows Prestige Estates to ring-fence specific development projects or asset classes. As new ventures, both subsidiaries report no turnover history. The company did not disclose specific project locations or timelines for commencement of operations in the regulatory filing.

Prestige Estates Projects faces a regulatory directive as the Maharashtra Real Estate Appellate Tribunal (MREAT) has ordered the Mahalaxmi Tower project to change its designated use from commercial to residential.

Tribunal directive on Mahalaxmi Tower

The MREAT order mandates a change in the project's classification, requiring the Mahalaxmi Tower development to transition from commercial to residential use. The ruling represents a significant regulatory intervention affecting the project's original development plan.

Key details of the order

The tribunal's directive requires the project to be reclassified, which may necessitate changes to the project's structure, approvals, and development framework as originally conceived under a commercial designation.