Prestige Group, India's leading real estate developer, has launched their prestigious luxury project Prestige Ocean Towers in Marine Lines, South Mumbai. Comprising just 169 spacious homes spread across two towers within a 2-acre plot, the development offers spectacular views of the Queen's Necklace and Arabian Sea. Designed by renowned architects Norman Foster and Hafeez Contractor, Prestige Ocean Towers will have a built-up area of 4.62 lakh square feet and estimated revenues of INR 4,100 crores. The group has already pre-launched 75 residences worth INR 1,700 crores and sold over 70% of these units, reflecting strong customer demand for the group's high-quality offerings.
Prestige Group, India's leading real estate developer with over 305 completed projects across 10 cities, has made a strong foray into South Mumbai's ultra-luxury segment with the immense success of their iconic development Prestige Ocean Towers.
Located in Marine Lines with spectacular unobstructed views of the Queen's Necklace and Arabian Sea, Prestige Ocean Towers stands as the pinnacle of luxury living with just 169 spacious homes spread across two towers nestled within a sprawling 2-acre plot.
Prestige Ocean Towers has a potential built-up area of 4.62 lakh square feet with an estimated revenue potential of approximately INR 4,100 crores. Of these, Prestige Group pre-launched 75 residences worth INR 1,700 crores and has sold over 70% of the pre-launched units even before the official opening of the experience centre and sample apartment.
The company said the tremendous response reflects trust in their brand and the high quality of the product, which is an architectural marvel designed by Norman Foster in collaboration with Architect Hafeez Contractor. Partnering with HBA London, the development offers exemplary finishes, state-of-the-art modern amenities and an unparalleled living experience. Every aspect has been meticulously crafted to cater to discerning customers seeking the finest in life.
Commenting on the launch, Irfan Razack, CMD of Prestige Group said that this will be one of India's most iconic luxury developments and is a testament to Prestige Group's unwavering commitment to creating spaces that redefine living. This property epitomizes luxury, serenity and an unmatched living experience in Mumbai.
Prestige Group entered Mumbai just two years ago and has already sold properties worth nearly INR 6,000 crores across Prestige City in Mulund, Prestige Jasdan Classic in Mahalaxmi, Prestige Daffodils in Bandra and Prestige Ocean Towers in Marine Lines. The group plans to acquire more prime land parcels in Mumbai for residential developments in addition to their existing commercial portfolio in BKC and Mahalaxmi.
Prestige Group has diversified business model across various segments --residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India. The Group has completed 300 projects spanning a developable area of 190 million square feet. The company has been graded CRISIL DA1+ by CRISIL and enjoys a credit rating of ICRA A+.
Earlier this month, Prestige Group acquired 21 acres of land in Bengaluru's Whitefield for INR 450 crore. The acquired land has been earmarked for a residential development spanning approximately 4 million sq ft, which will feature 1,800 apartments. This is the second significant land purchase by the Prestige this year, following its acquisition of 62.5 acres in Indirapuram Extension, Ghaziabad, at a cost of INR 468 crore.
In March, Prestige had also signed a deal with Abu Dhabi Investment Authority (ADIA) and Kotak AIF to raise INR 2,001 crore to build four residential projects worth INR 18,000 crore. The funds will be used to develop projects in Delhi, Mumbai, Bengaluru, and Goa. The transaction has been structured as a 60:40 joint venture platform, between ADIA-Kotak and Prestige, where the former will invest INR 2,001 crore in the form of quasi debt. Prestige will contribute the rest.
Prestige Group has ambitious expansion plans across various locations. The successful launch and strong sales at Prestige Ocean Towers demonstrate the group's ability to deliver landmark luxury projects. It also underscores their commitment to creating best-in-class living experiences for discerning customers in India's major cities. With a diversified business model and ongoing investments, Prestige Group is well-positioned to further grow its high-rise luxury residential portfolio in Mumbai and other key markets.
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