Prestige Estates shares gain as it forms JV to develop residential project in Mumbai with GDV of ₹9,000 crore

Prestige Estates shares gain as it forms JV to develop residential project in Mumbai with GDV of ₹9,000 crorePrestige Estates on Thursday said it has entered a joint venture with ABIL Group for the development, via Aaramnagar Realty LLP, which jointly holds the development rights to the land parcel in Aram Nagar, Versova.By Shloka Badkar April 10, 2026, 9:29:34 AM IST (Updated)2 Min ReadShares of Prestige Estates Projects Ltd. gained on Friday, April 10, after the company said it will develop a land parcel in Versova, Mumbai with an estimated gross development value of more than ₹9,000 crore.

Prestige Estates on Thursday said it has entered a joint venture with ABIL Group for the development, via Aaramnagar Realty LLP, which jointly holds the development rights to the land parcel in Aram Nagar, Versova.

The development spans a land of around 6 acre and offers a total development potential of around 1.7 million square feet, the company said.

It added that the proposed development is envisaged as a premium residential project, catering to the growing demand for high-quality developments in Mumbai's western suburbs. Versova continues to be a sought-after micro-market, driven by its strong social infrastructure, connectivity and proximity to key commercial hubs, the company said.

"Mumbai remains a key focus market for us, and this opportunity in Versova is a natural extension of our growing presence in the city. We continue to see steady demand for well-located, quality developments, particularly in established micro-markets such as Versova," Irfan Razack, chairman and MD of Prestige Group, said.

Shares of Prestige Estates Projects were up 0.8% at ₹1,330 apiece at 9.3am on Friday. The stock ahs declined 17% this year, so far.

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