📋 Tender Overview
Scope : To Redevelop a Prime Property in Worli locality in Mumbai, Maharashtra
Prestige Estates Projects has entered into a development agreement with the Worli Shivshahi CHS to redevelop a prime property in Worli locality in Mumbai, with an investment of Rs 578.37 crore. The developer will execute the project through its subsidiary, Prestige Falcon Mumbai Realty.
The project, which involves 192 tenements is spread over 3.3 acres opposite the GlaxoSmithKline property on Dr Annie Besant Road in central Mumbai. The developer is planning to develop a premium residential development on the plot, with completion expected in the next four years after commencement. The launch is expected by September, 20203 as the project is currently in the planning and approval process.
The overall development potential of the project will be one million sq. ft. carpet area, with a revenue potential of nearly Rs 6,000 crore. The free-sale component would be around 7.5 lakh sq. ft. after factoring in the rehabilitation component.
The redevelopment project has been stalled for more than a decade, as the earlier developers could not execute the project due to disagreements with the society members and other reasons.
