Prestige Group and Partners Plan ₹7,000 Crore Homes Redevelopment in Mumbai
Prestige Group, RC Group, and Valor Estate, well-known names in the real estate business, are joining hands for a major redevelopment project in Mumbai’s Bandra area. This plan aims to transform 19 old housing societies spread over 4 acres into modern residential complexes. The project is estimated to be worth ₹7,000 crore.
Prestige Group will lead the project by designing, funding, and constructing state-of-the-art homes, while RC Group and Valor Estate will manage approvals and ensure smooth coordination with all stakeholders. The redevelopment will not only improve housing conditions but also provide a significant boost to the real estate market in the area.
Once the agreement is finalized, the team will apply to MHADA for construction permissions. Work is set to begin in early 2025, with completion expected in four years. This project, even in the absence of a formal MHADA cluster redevelopment policy, highlights the potential of collaboration in the real estate sector.
Experts believe this redevelopment will set a benchmark for improving public housing and revitalizing old properties in Mumbai. With over 100 MHADA colonies in need of redevelopment, projects like this could unlock a market worth ₹1 lakh crore.
Redevelopment is critical in a city like Mumbai, where land is scarce and many homes are aging. By replacing old and unsafe buildings with modern homes and commercial properties, developers not only enhance living conditions but also maximize land use.
The Maharashtra government has introduced policies like increased building permissions (FSI) and other incentives to encourage real estate developers to undertake such projects. These policies make redevelopment more feasible and attractive for businesses in the housing and commercial property markets.
This redevelopment project in Bandra will create new opportunities in the real estate business, offering modern houses for sale and improved infrastructure. It is a step toward building a better future for Mumbai, combining sustainable urban growth with enhanced living standards.
