Prestige Group sells Rs 1,300 crore worth luxury homes at new project in South Mumbai

Realty firm Prestige Group on Monday said it has sold Rs 1,300 crore worth luxury apartments so far in its newly launched residential project in South Mumbai. The company has pre-launched a 2-acre project -- Prestige Ocean Towers, which has just 169 residences across two towers.

The project has a developable potential of 4.62 lakh square feet carpet area with an estimated revenue potential of approximately Rs 4,100 crore. Prestige Group said in a statement that it has sold Rs 1,300 crore worth luxury flats in this project.

"Prestige Group pre-launched 75 residences with a potential of Rs 1,700 crore and has sold more than 70 per cent of the pre-launched residences," the statement said.

Irfan Razack, CMD, Prestige Group said, "This will be one of the most iconic luxury developments in the country and we would like to thank our customers, partners, stakeholders and well-wishers for the constant support and trust in us. This encourages us to launch the remaining inventory at Prestige Ocean Towers sooner than we anticipated." Bengaluru-based Prestige Group entered Mumbai just two years back and has already sold close to Rs 6,000 crore worth of inventory.

The group plans to add more prime land parcels to their Mumbai residential portfolio in addition to their existing commercial portfolio in BKC and Mahalaxmi. Prestige Group, one of the leading real estate developers in the country, 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.