Prestige Group's most consequential Mumbai project is not a single tower but a 17-acre urban redevelopment on Dr E Moses Road in Worli, branded The Prestige Place. Valor Estate Limited announced the near-completion of evictions for its slum redevelopment project in Worli, setting the stage for the launch of The Prestige Place, a mixed-use development spanning over 4 million sq ft of saleable area. The transformation is being executed by Worli Urban Development Project LLP, a joint venture between a wholly owned Valor Estate subsidiary and Prestige Estates Projects Limited, with Valor Estate holding a 50% economic interest. For a company built in South India, taking the lead role on a South Mumbai slum-rehabilitation site is a distinct kind of market entry — one that ties its name to the city's civic redevelopment machinery rather than a standalone plot purchase.
Prestige Group was founded in 1986, a step inspired by chairman and managing director Irfan Razack and steered together with his brothers Rezwan Razack and Noaman Razack. Four decades on, the group has completed over 300 projects spanning more than 180 million sq ft of developable area, and has 56 ongoing projects across segments totalling roughly 86 million sq ft. It is also planning 43 further projects across 85 million sq ft and holds a land bank exceeding 728 acres as of September 2023. Financially, Prestige is positioned as the only developer in India to have maintained a CRISIL DA1+ rating since 2012, a distinction that matters to buyers evaluating a long-gestation redevelopment project rather than a ready building.
The company's entry into Mumbai in 2022 marked a pivotal shift, driven by the need to adapt to the city's dense urban landscape and stringent regulations. That entry has since produced tangible handovers: Prestige Group has completed and inaugurated its first three landmark projects in Mumbai — Siesta at The Prestige City, Mulund, Prestige Jasdan Classic, Mahalaxmi, and Prestige Turf Tower, also in Mahalaxmi — developments collectively spanning 2.8 million square feet and marking the Group's debut delivery in the city since its 2022 launch. The Group is handing over nearly 700 premium residences and 130 office units from these three projects. Tariq Ahmed, the group's CEO for West India, called the delivery "a proud moment to unveil our first completed projects in Mumbai's skyline." Worli represents the next, considerably larger, chapter of that Mumbai push.
The Worli site has a long and specific history. The project spans 17 acres on Dr E Moses Road and is a mixed-use development including eight towers to rehouse slum residents, towers of free-sale flats, a hotel, and a shopping mall. Demolition has proceeded across Jivan Jyot Nagar, Shree Swami Vivekanand Nagar and Mata Ramabai Nagar, with roughly 3,200 families identified for rehabilitation housing under the scheme, alongside project-affected persons from Veer Jijamata Nagar. Prestige Group's role became central after a breakthrough in 2023, when Prestige Group acquired a majority stake in the venture. The land is owned by the Brihanmumbai Municipal Corporation, which has earmarked portions for civic amenities such as a sewerage treatment plant, a solid waste management facility, a dispensary and a playground, and the project will create roughly 4 million sq ft of developable space.
The free-sale component — where Prestige Residential @ The Prestige Place sits — is designed as a full lifestyle campus rather than a residential tower in isolation. The Prestige Place brand is designed to deliver integrated developments combining hospitality, branded residences, premium homes, offices and retail under one campus, with the Mumbai project planned in partnership with Valor Estates Ltd and featuring a Hilton hotel, branded residences, apartments, offices and a Forum Mall. The masterplan carries architectural weight to match: the project is being anchored by SOM, the architecture firm behind the Burj Khalifa, and is being positioned as one of South Mumbai's largest and most comprehensive mixed-use urban renewal initiatives. Construction was expected to begin in late 2025, with completion targeted within six years as per SRA regulations.
A project of this scale is only as valuable as the address it sits in, and Worli's infrastructure has moved decisively in the last two years. Coastal Road Phase 1 became operational in 2024, cutting the Worli-to-Marine Drive commute from 40 minutes to roughly 10 minutes. Metro Line 3's BKC–Worli segment was completed in May 2025, connecting Worli to BKC in 10–15 minutes against 25–35 minutes by road. A further link is due: the Sewri–Worli Elevated Connector is expected to be completed by 2026, linking Worli to the Mumbai Trans Harbour Link and, through it, Navi Mumbai and the Mumbai–Pune corridor. For a buyer weighing a multi-year redevelopment timeline, this is the rare case where the surrounding transport network is arriving on a similar clock to the project itself.
Social infrastructure around the site is already established rather than aspirational. Daily life in the area is shaped by landmarks such as the Bandra-Worli Sea Link, the Worli Sea Face promenade, Peninsula Corporate Park, One Indiabulls Centre, and the coastal corridor connecting Haji Ali and Mahalaxmi. The neighbourhood is further anchored by institutions including Podar International School, Jaslok Hospital, Breach Candy Hospital, Willingdon Sports Club, and the NSCI Dome. Dr E Moses Road itself sits within reach of Lower Parel's office corridor and the BKC business district, both now closer by metro.
Worli's residential market has been resilient through recent cycles. Average flat rates in Worli stand around ₹70,000 per sq ft, while apartments along Worli Sea Face command rates exceeding ₹1,00,000 per sq ft, driven by the appeal of unobstructed views. Over a longer horizon, flat rates in the locality have moved 5.5% in the last one year, 30.7% over three years, 42.7% over five years, and 19.8% over the last decade. Transaction depth has kept pace: Worli recorded 683 residential registrations across primary and secondary markets, worth a combined ₹7,326 crore, between January and December 2024, and over the past 24 months the market saw more than 30 ultra-luxury apartments sell above ₹40 crore, totalling roughly ₹5,500 crore in transaction value. That volume runs alongside an established cluster of luxury addresses in the immediate area, including Lodha The Park, Godrej Trilogy and Birla Niyaara — a sign that Worli's premium segment already has depth of demand before The Prestige Place adds its own free-sale inventory to the mix.
| Metric | Figure |
|---|---|
| Worli average residential rate | ~₹70,000 per sq ft |
| Worli Sea Face rate | ₹1,00,000+ per sq ft |
| 5-year price movement | +42.7% |
| Worli 2024 registrations | 683 units / ₹7,326 crore |
| The Prestige Place site area | 17 acres, Dr E Moses Road |
| Prestige's Mumbai debut delivery | 2.8 million sq ft, ~700 homes, 2025 |
Prestige Residential @ The Prestige Place is not an isolated launch — it is the residential face of a group-led SRA redevelopment that Prestige has taken majority control of, designed by an internationally recognised architecture firm, and positioned inside a locality whose transport network and price base were both established well before the towers came up. For a buyer weighing a Bengaluru-rooted, CRISIL DA1+ rated developer's first large-scale South Mumbai address, that combination of civic-scale execution and an already-proven Worli market is the core of the proposition.