Overview
Prestige Estates Projects has formed a joint venture with ABIL Group to develop a prime land parcel in Aram Nagar, Versova, through the entity Aaramnagar Realty LLP. This collaboration will focus on developing a prime land parcel through Aaramnagar Realty, situated at Aram Nagar in Versova, Mumbai, covering 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. Versova continues to be a sought-after micro-market, driven by its strong social infrastructure, connectivity, and proximity to key commercial hubs.
ABIL Group, a Pune-headquartered developer with significant experience in large residential projects, brings the local understanding and existing land rights, while Prestige brings scale, brand credibility and execution muscle. The locality sits on the Arabian Sea, offering actual sea-facing and sea-view residential possibilities in a city where such positions are vanishingly rare outside of South Mumbai and Bandra.
This strategic partnership is in line with Prestige Estates' broader expansion strategy, which aims to penetrate high-demand, supply-constrained urban areas. The project is currently at the joint-venture and planning stage, with unit configurations, tower design, pricing and RERA registration expected to be announced as the project moves toward launch.
