Prestige Forms JV with ABIL Group for ₹9,000 Crore Versova Residential Project in Mumbai
Prestige and ABIL Group Form Joint Venture for ₹9,000 Crore Versova Development
Prestige Estates Projects Limited has formalised a joint venture with ABIL Group to develop a premium residential project in Versova, Mumbai, marking a notable addition to its western India portfolio. Prestige Estates Projects Limited acquired 50% partnership interest in Aaramnagar Realty LLP on April 9, 2026, for Rs. 180 crores through cash consideration.
Project Scale and Location
The development will focus on a prime land parcel through Aaramnagar Realty, situated at Aram Nagar in Versova, Mumbai. The project covers approximately six acres and has a total development potential of around 1.7 million sq. ft. (RERA area), with an anticipated gross development value (GDV) surpassing Rs 9,000 crore.
The proposed development is intended as a premium residential project, designed to address the increasing demand for high-quality housing in the western suburbs of Mumbai. This strategic partnership is in line with Prestige Estates' broader expansion strategy, which aims to penetrate high-demand, supply-constrained urban areas.
Developer Positioning and Market Rationale
Irfan Razack, Chairman and Managing Director of Prestige Group, stated: "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 observe steady demand for well-located, quality developments, particularly in established micro-markets such as Versova."
Versova remains a key micro-market due to its strong social infrastructure, connectivity, and proximity to major commercial hubs. Real estate analysts attribute growth in the area to the anticipated impact of the Versova-Bandra Sea Link, which is expected to significantly cut travel time between the western suburbs and South Mumbai. The project is likely to unlock further value in sea-facing and premium inventory, while also elevating Versova's position among Mumbai's coastal residential hubs.
Prestige Group's Track Record and Pipeline
As per disclosures, the company had delivered 313 projects covering 206 million square feet as of December 31, 2025. Its ongoing pipeline remains substantial, with 128 projects aggregating 195 million square feet. Prestige Group holds the prestigious CRISIL DA1+ rating—the highest rating any real estate developer can achieve in India.
Since entering the city's dynamic property market in 2022, the Group has focused on redefining urban living with large-scale developments that blend luxury, functionality, and thoughtful design. With the recent delivery of over 800 units across 2.8 million square feet, Prestige strengthens its presence in India's financial capital while staying true to its legacy of quality and innovation.
ABIL Group Partnership
ABIL Group is a well-known developer recognized for its premium real estate and hospitality projects in Pune and Mumbai. ABIL Group is a company based in Pune (India), founded in 1979 by Avinash Bhosale. It operates as a Developer of commercial, and residential properties. The project is anticipated to enhance the company's footprint in Mumbai's luxury and premium housing market while capitalizing on ABIL Group's regional expertise in development and execution.
Mumbai's Residential Expansion
The Versova addition fits neatly into this broader pattern. Focus stays on urban centres where demand depth, pricing power and infrastructure tailwinds converge. This latest move reinforces Prestige's intent to scale in Mumbai, a market known for both high entry barriers and strong realisations. Versova, in particular, continues to attract premium housing demand due to its coastal appeal, connectivity and proximity to business districts.
With limited land availability and redevelopment acting as the primary mode of new supply, Versova remains a constrained market. This supply tightness, coupled with rising demand and upcoming infrastructure triggers, is expected to keep prices firm and drive further appreciation in the coming years, as per real estate experts.