Prestige Estates Stock Edges Higher Following ₹9,000 Crore JV With ABIL Group

On Friday (10 April 2026), Prestige Estates Projects Limited said it plans to build a large housing project in Mumbai. The estimated gross development value (GDV) stands at over ₹9,000 crore.

The project will come up in Versova, a well-known locality in the city’s western suburbs, where demand for premium housing has remained steady.

After the announcement, the Prestige Estates Projects shares rose by over 2%. As of 9:47 AM IST, it was trading for ₹1,350 each on the National Stock Exchange (NSE). However, the stock has fallen 17% this year so far.

Joint Venture With ABIL Group

The company said it has tied up with ABIL Group for this development. The project will be executed through Aaramnagar Realty LLP, which holds the rights to the land parcel.

The land parcel is around 6 acres. It can support about 1.7 million square feet of development. The company, along with its partners, plans to build premium homes here. The focus stays on buyers who want better quality housing in well-settled areas.

Irfan Razack, chairman and MD of Prestige Group, said Mumbai still remains a key market for the company. This Versova opportunity fits into its ongoing expansion in the city.

He added that demand continues to stay steady. Especially for projects in good locations with reliable quality. Areas like Versova continue to see strong buyer interest.

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How Could The Company Benefit?

Developers keep looking at Versova for a reason. The area sits in a good spot. Roads connect well to other parts of the city. Key business hubs are not too far either. That makes it easier to sell homes here.

For Prestige Estates, Mumbai still matters a lot. The company has been adding projects slowly over time. This one just fits into that plan. It adds to their pipeline. It also helps them build a stronger base in the city.

Sources:

CNBC TV18

Business Standard