Prestige Estates buys 50% stake in Aaramnagar Realty, to develop Versova land
This story was originally published at 08:56 IST on 10 April 2026
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--Prestige Estates invests INR 1.80 bln for 50% stake in Aaramnagar Realty
--Prestige Estates, ABIL Group to develop Versova land via Aaramnagar Realty
--Prestige Estates: Versova land gross development value at INR 90 bln
MUMBAI – Prestige Estates Projects Ltd. Thursday said it has acquired 50% stake in real estate developer Aaramnagar Realty LLP for INR 1.80 billion. This was part of a joint venture with ABIL Group to develop a land parcel in Mumbai's Versova through Aaramnagar Realty.
The premium residential project spans across six acres of land with development potential of 1.7 million square feet and an estimated gross development value of INR 90 billion, Prestige Estates said in a press release. The premium residential development will cater to the growing demand for high-quality spaces in Mumbai's western suburbs, where Versova remains an attractive micro-market, the company said.
"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 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," Irfan Razack, chairman and managing director of Prestige Group, said in the press release.
On Thursday, shares of the company ended slightly lower at INR 1,319.40 on the National Stock Exchange. For the December quarter, the company reported a consolidated net profit of INR 2.23 billion on consolidated revenues of INR 38.73 billion. End
Reported by Shruti Nair
Edited by Avishek Dutta
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