Prestige Estates Projects Ltd has entered into a joint venture with Avinash Bhosale Group (ABIL Group) to develop a luxury residential project in Versova, Mumbai, through Aaramnagar Realty LLP, investing ₹180 crore to acquire a 50% stake.
Strategic expansion in Mumbai
Bengaluru-based Prestige Group, one of India’s leading real estate developers, is strengthening its presence in Mumbai through this partnership, while ABIL Group brings its expertise in premium real estate and hospitality in Pune and Mumbai.
Aaramnagar Realty LLP holds development rights for a six-acre land parcel in Aram Nagar, Versova, with a development potential of around 1.7 million sq. ft.
High-value residential project
The project is estimated to have a gross development value (GDV) of over ₹9,000 crore and is envisaged as a premium residential development, targeting demand in Mumbai’s western suburbs.
Versova continues to attract strong interest due to its established social infrastructure, connectivity and proximity to key commercial hubs.
Leadership commentary
“Mumbai remains a key focus market for us, and this opportunity in Versova is a natural extension of our growing presence in the city. We continue to see steady demand for well located, quality developments, particularly in established micro-markets such as Versova. 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,” Prestige Estates Projects Ltd, Chairman and Managing Director, Irfan Razack, said.
Strong project pipeline
As of December 2025, Prestige Group has delivered 313 projects spanning 206 million sq. ft. and has an ongoing pipeline of 128 projects covering 195 million sq. ft., underscoring its scale and execution capability.