Prestige Estates Projects has entered into a strategic partnership to develop a landmark residential project in Thane, marking a significant expansion in the Mumbai Metropolitan Region (MMR). The development, located near Kolshet-Balkum Road, carries an estimated Gross Development Value (GDV) of ₹6,000 crore and spans approximately 14.6 acres. With a developable potential of over 5 million square feet, the project is positioned as one of the largest residential developments in the micro-market.

The announcement was made on July 29, 2026, via filings with the National Stock Exchange of India Limited and BSE Limited. The project aims to cater to young professionals, first-time buyers, and growing families through a mix of residences and retail spaces. This move strengthens Prestige Group’s presence in Thane, a market driven by robust infrastructure development and sustained housing demand.

Project Details and Location

The development is strategically situated to offer connectivity to key business districts, major road networks, educational institutions, and healthcare facilities. The project will feature contemporary architecture, expansive landscaped open spaces, and world-class lifestyle amenities. It is designed to create a live-work-shop environment, integrating residential living with vibrant retail offerings.

Strategic Partnership

Irfan Razack, Chairman & Managing Director of Prestige Group, stated that the project reflects the company's commitment to quality, thoughtful design, and timely delivery. He noted that Thane has emerged as one of the region's most dynamic residential markets. The collaboration leverages Prestige Group’s experience in large-scale developments alongside the local market knowledge of its partner developer.

What the Numbers Show

The ₹6,000 crore GDV on a 14.6-acre plot implies a high-value density strategy, targeting premium segments in the MMR. As of March 2026, Prestige Group had delivered 316 projects spanning 212 million sqft, with a pipeline of 135 projects across 227 million sqft. This new addition significantly bolsters the group’s exposure in the Mumbai region, diversifying its portfolio beyond its traditional strongholds. The phased development approach, subject to statutory approvals, suggests a structured rollout to manage capital deployment and market absorption.

Prestige Estates Projects has published the notice for its 29th Annual General Meeting (AGM) in Business Standard and Prajavani on July 29, 2026. The meeting, scheduled for Thursday, August 20, 2026, at 11:30 A.M. at its registered office in Bangalore, will seek shareholder approval for a final dividend of ₹2 per equity share for FY26. This publication confirms the procedural timeline for investors to review the agenda before casting their votes.

The Board of Directors has recommended the dividend, which is contingent upon shareholder approval at the AGM. Shareholders holding shares as of the record date, August 13, 2026, are eligible to receive the payout, scheduled for distribution on or before September 18, 2026. In addition to the dividend, the meeting will address the issuance of non-convertible debentures (NCDs) aggregating up to ₹20,000,000,000 via private placement to optimize funding for project execution.

Voting Process and Timeline

Pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has enabled remote e-voting through Central Depository Services Limited (CDSL). The e-voting period opens on Monday, August 17, 2026, at 9:00 A.M. (IST) and closes on Wednesday, August 19, 2026, at 5:00 P.M. (IST). Mr. Nagendra D. Rao, Practicing Company Secretary, has been appointed as the Scrutinizer to ensure a fair and transparent voting process.

Governance and Capital Raise

Shareholders will also vote on the re-designation of Ms. Uzma Irfan as Whole-Time Director for five years, effective from May 21, 2026, to May 20, 2031. Her remuneration will not exceed ₹2,000,000 per month. Additionally, the Board seeks approval for the NCD issuance, allowing flexibility in terms and tranches subject to regulatory approvals from SEBI and RBI. The company will also ratify the remuneration of ₹200,000 plus taxes to M/s P. Dwibedy & Co., the Cost Auditor for FY27.