Prestige Group's Mumbai Office Pipeline: 6.2 Mn Sq Ft by 2028

Prestige Group is scaling up its commercial footprint in Mumbai at a pace few developers in the city can match. According to disclosures reviewed by industry trackers, Prestige Group's upcoming Mumbai commercial properties are projected to add approximately 6.2 million sq ft of Grade-A office space by 2028, with the projects referenced including Prestige 101 BKC, Prestige Liberty Towers, and the Prestige-Valour campus. The number places Prestige among the most active institutional-grade office builders operating in the city today.

At the centre of the BKC push is Prestige 101, a twin-tower development on G Block in Bandra Kurla Complex. The project features two office towers and a hotel, with a total project size of 4.9 million square feet. Tower X alone spans 25 floors and a floor size of 137,000 square feet, while Tower Y adds 25 floors, each with a floor size of 87,000 square feet. Both towers carry sustainability credentials that matter to global occupiers: the project has been given the LEED Platinum rating for its design and build, awarded for its sustainable and eco-friendly plan, and the tower saves more than 29% of energy as compared to the ASHRAE 90.1-2010 baseline. Leasing momentum has already picked up — recent market commentary notes Prestige 101 in Bandra Kurla Complex has already leased over 1 million sq ft, with fresh leasing activity continuing.

Moving south to Mahalaxmi, Prestige Liberty Towers is the group's most architecturally ambitious Mumbai bet. Designed by Rotterdam-based OMA, the design by OMA takes advantage of the views overlooking Mahalakshmi Racecourse to the Arabian Sea with two staggered towers rising 200 meters and 290 meters — one of the largest office developments in the city. The complex isn't purely vertical office space — a five-story podium houses a retail mall and is elevated to distribute shared infrastructure and allow vehicle circulation beneath the building, with a fully automated basement carpark. Construction has progressed steadily since the project broke ground, and by one recent estimate the tower is about 70 per cent finished and will open about 2.26 million sq ft of offices plus 390,000 sq ft of retail.

The third leg of the pipeline sits in the western suburbs. Prestige has partnered with Valor Group (formerly DB Realty) for a large Andheri office complex. Prestige Estates entered a framework agreement with Valor Estate for jointly developing a project on land measuring 21,978.22 square metres, entailing a total leasable area of 1.5 million sq ft and a Gross Development Value of about Rs 4,500 crore. Both Prestige Estates and Valor will have a 50 per cent economic interest in the project, developed on a 50:50 joint venture basis, with Prestige infusing Rs 504 crore into the SPV set up to build it. The site benefits from strong infrastructure access — Mumbai Metro expansion and proximity to the airport have made Andheri East a high-demand micro-market for office space development.

Why does this matter beyond the square-footage headline? Prestige isn't new to Mumbai's office trade — it built and sold a large office and mall portfolio to Blackstone in 2021, and that relationship is now shaping its next chapter. In 2021, Blackstone acquired Prestige's entire office and mall portfolio (17 million sq ft) for $1.5 billion, and those assets were subsequently housed within Blackstone's retail REIT (Nexus Select Trust) and office REIT (Knowledge Realty Trust). Company leadership is now openly discussing a similar institutional route for its new Mumbai stock. Prestige Estates Projects is in advanced discussions with global investors—including private equity giant Blackstone—to explore formation of a Real Estate Investment Trust for its Grade-A office portfolio, a move confirmed by Juggy Marwaha, Group Executive Director and CEO of Prestige's office ventures.

For homebuyers and occupiers tracking Mumbai's commercial cycle, the practical takeaway is about timing and location diversification. Rather than betting on one micro-market, Prestige has spread its Mumbai bets across BKC, Mahalaxmi and Andheri — a key theme across the disclosures is control over assets and execution, with Prestige moving to consolidate ownership in premium micro-markets such as Bandra Kurla Complex and Mahalaxmi, while also extending outward to locations like Versova and Andheri. If the group's REIT ambitions materialise as expected industry-wide, this Mumbai portfolio could become a template case study for how legacy residential developers convert into institutional-grade office landlords.

With staggered completion timelines running through 2028, occupiers evaluating Mumbai office space now have a genuine reason to track this pipeline closely — early movers into BKC and Mahalaxmi towers may lock in pre-completion lease terms before the broader 6.2 mn sq ft comes fully online.