The Prestige Group has acquired a 2.3-acre land parcel in central Mumbai from a subsidiary of DB Realty for INR 704 Crore. The plot, located near the Marine Lines station and adjacent to the renowned S K Patil Udyan, offers a prime sea-facing location.
The plot holds significant development potential, with a 5 Lakh-SqFt (carpet area) for sale valued at INR 5000 Crore. The Prestige Group has strategic plans to construct two high-end residential towers boasting 55 habitable floors and a total height of 300 meters.
The deal between Prestige and D B Realty was concluded in April, with the buyer fulfilling the payment of INR 42 crore for stamp duty.
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