Prestige Estates, Valor Group to develop ₹4,500 cr office complex in Mumbai

Realty company Prestige Estates Projects Ltd has joined forces with Valor Group to create an office complex valued at Rs 4,500 crore in Mumbai.

In a regulatory submission on Thursday, Prestige Estates announced that it has formed a framework agreement with Valor Estate Ltd and its wholly owned subsidiaries for collaboratively developing a project on lands totaling 21,978.22 square metres in Andheri West, Mumbai. The project features a leasable area of 1.5 million sq ft and a Gross Development Value (GDV) estimated at around Rs 4,500 crore.

Both Prestige Estates and Valor will have a 50 per cent economic interest in the project.

“The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. leasable area commercial office complex on a 50:50 joint venture basis,” Prestige Estates said.

The company will infuse Rs 504 crore into the SPV (special purpose vehicle), which will be established to develop this project. Bengaluru-based Prestige Estates is one of the leading real estate developers in the country.