PRESTIGE RESIDENTIAL @ THE PRESTIGE PLACE — New Project Coming Up in Worli, Mumbai
Project Overview
Prestige Residential @ The Prestige Place is an upcoming mixed-use residential development by Prestige Group spanning 17 acres in Worli, Mumbai. The project will include eight towers to rehouse slum residents, towers with free-sale flats, a hotel, and a shopping mall. Prestige Group acquired Lokhandwala Infrastructure's stake in late 2023, paving the way for the project's execution.
Location and Connectivity
The development is located on Dr E Moses Road, one of Worli's principal thoroughfares. Worli's appeal is driven by its prime location and strong connectivity to key business districts like Bandra-Kurla Complex (BKC), Lower Parel, and Nariman Point, with major infrastructure developments such as the Bandra-Worli Sea Link, Mumbai Coastal Road, and the upcoming Metro Line-3 further enhancing accessibility. The Mumbai Coastal Road Phase 1, operational in 2024, has reduced the Worli-to-Marine Drive commute from 40 minutes to 10 minutes, and Worli-to-Kandivali travel from 2+ hours to 40 minutes.
Community and Amenities
Residents from three slum settlements—Jivan Jyot Nagar, Shree Swami Vivekanand Nagar, and Mata Ramabai Nagar—along with project-affected persons (PAPs) from Veer Jijamata Nagar, will be provided new homes as part of the scheme. The land, owned by the Brihanmumbai Municipal Corporation (BMC), will also include civic amenities such as a sewerage purification plant, a solid waste management facility, a dispensary, and a playground.
About Prestige Group
Prestige Group is an Indian real estate development company headquartered in Bangalore, founded in 1986, and has developed residential colonies and commercial spaces in Bangalore, Chennai, Kochi, Calicut, Hyderabad, Mumbai, Mangalore, Goa and Delhi-NCR. With 302 completed projects delivering 193 million square feet of developed area as of September 2024, Prestige Group has established itself as one of South India's premier real estate firms, earning the distinction of being the only developer with a CRISIL DA1+ rating for construction and development capabilities.
The Bangalore-based Prestige Group has plans to invest at least Rs 7,500 crore over the next four-five years across the Mumbai market, developing at least 16 million square feet of space in six projects spread across the city. Projects include a redevelopment project in central Mumbai's Worli.
Worli Market Context
Worli has recorded ultra-luxury home deals worth Rs 4,862 crore in the last two years, reflecting its growing demand among high-net-worth individuals (HNIs) and investors. Over the past three years, Worli flats have appreciated approximately 30% (2022-2025), according to Knight Frank, Anarock, and JLL. With major infrastructure projects nearing completion, Worli's real estate market is poised for continued growth.