Prestige Group and ABIL Group to develop 6-acre residential site in Versova
Published
Prestige Estates Projects Limited, part of the Prestige Group, has entered a joint venture with ABIL Group to develop a premium residential project in Aram Nagar, Versova, in the Andheri West area of Mumbai. The announcement, made on 9 April 2026, said the development will be carried out through Aaramnagar Realty LLP, which jointly holds the development rights to the land parcel.
The site covers approximately 6 acres. Prestige has described the proposal as a premium residential development with an approximate RERA area of 1.7 million sq ft and an estimated gross development value of more than ₹9,000 crore. The development value refers to the total value of the project rather than the price of individual apartments.
Project details
The land parcel sits in Aram Nagar, one of the established residential pockets of Versova. The joint venture is the first step toward a sizeable residential development that will be marketed under a project name yet to be announced. Prestige has positioned it within its Mumbai portfolio, which already includes Prestige Mumbai as a related listing on this site.
- Location: Aram Nagar, Versova, Andheri West, Mumbai, Maharashtra
- Land parcel: approximately 6 acres
- Proposed RERA area: approximately 1.7 million sq ft
- Estimated gross development value: more than ₹9,000 crore
- Development vehicle: Aaramnagar Realty LLP
- Joint venture partners: Prestige Estates Projects Limited and ABIL Group
- Project type: premium residential
- Status: upcoming
The announcement did not set a launch date, so buyers should expect further updates on configurations, pricing and booking timelines as the project takes shape.
The location
Versova is one of the western suburbs of Mumbai, sitting within the Andheri West belt along the coastline. Versova Metro Station is the western terminus of Mumbai Metro Line 1, which runs through Andheri and onward to Ghatkopar, giving residents a direct rail link to the city's eastern and central business corridors. Andheri railway station on the Western Railway line is also within reach of the wider area, making the locality a practical base for commuters working across the city.
Locality-level indicators give a sense of the market. Square Yards placed the Versova asking price at ₹45,000 per sq ft in its October 2026 snapshot, with an average rental rate of ₹122 per sq ft and a residential rental yield of 3.25% in September 2026 figures. MagicBricks reported an average residential apartment price of ₹32,358 per sq ft for Versova and Andheri West in the third quarter of 2026, up 4% quarter on quarter. These portal estimates use different methodologies and reflect the broader locality rather than any individual project.
About the developers
Prestige Group was founded in 1986 and has delivered more than 300 projects across residential, commercial, retail, hospitality and mixed-use segments, according to a company announcement dated 28 May 2025. In Mumbai, its named projects include The Prestige City in Mulund, Siesta, Bellanza and Forest Hills.
ABIL Group, the joint venture partner, is described by Prestige as a premium real-estate and hospitality developer active in Pune and Mumbai. The partnership brings together a listed developer with a long delivery record and a regional developer with a presence in both cities.
What comes next
With the joint venture formalised and the land parcel jointly held through Aaramnagar Realty LLP, the next stage will focus on defining the project's name, residential product mix and launch schedule. Further announcements from Prestige Group are expected as those details are confirmed.