Prestige launches Rs 2,000-cr residential project in Mumbai

Prestige Estates Projects Ltd stated in a regulatory filing to the stock exchange on Tuesday that it has launched a residential project called ‘Prestige Garden Trails’ at the Dahisar-Mira Road corridor on the Western Express Highway in Mumbai.

The residential project, which spans across 5.2 acres, offers a total carpet area of about 10 lakh square feet, comprising 1,324 units, with a Gross Development Value (GDV) of about Rs 2,000 crore, the filing mentioned.

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Commenting on the development, Prestige Group Chairman and Managing Director Irfan Razack said, “Mumbai continues to be one of our key focus markets. The upcoming project reflects the company’s confidence in the strong demand for quality mid-segment housing in the Mumbai Metropolitan Region (MMR)”.

Recently, Prestige Estates Projects reported a 50 per cent increase in its sales bookings to Rs 6,017.3 crore during the second quarter of this fiscal on better housing demand.

Sales volume for the quarter stood at 4.42 million square feet, which is up by 47 per cent year-on-year. The company sold 2,069 units during the July-September period.

The average realisation for apartments rose 8 per cent year-on-year to Rs 14,906 per square feet, while plots saw a sharp 43 per cent increase in realisation to Rs 9,510 per square feet.

For the first half of this fiscal, Prestige Estates achieved record sales of Rs 18,143.7 crore, up 157 per cent year-on-year and the company surpassed its full-year FY25 sales.