Prestige Estates buys 22,135 sqm land in Mumbai for Rs 291.6 crore

Realty firm Prestige Estates has acquired 22,135 square metre land in Mumbai for Rs 291.58 crore to develop a housing project.

In a regulatory filing, DLF said the company has acquired 22,135 square metre land -- within the jurisdiction of Mira Bhayandar Municipal Corporation, Mumbai, next to western express highway -- together with all rights.

The acquired land will be planned for residential development spanning about 1 million sq ft carpet area.

The cost of acquisition is about Rs 291.58 crore.

Prestige Group Chairman and Managing Director Irfan Razack said, "We are thrilled to announce the expansion of our presence in Mumbai with the acquisition of this land parcel together with all rights." "This development, with a projected 1 million square feet of carpet area, underscores our commitment to strengthening our footprint in the Mumbai region and meeting the evolving demands of modern urban living," he added.

Bengaluru-based Prestige Estates is one of the leading real estate developers in the country.