Overview
Prestige Jijamata Nagar is a pre-launch residential redevelopment by Prestige Group in Worli, one of South Mumbai's most sought-after coastal neighbourhoods. The project is being developed through Prestige Falcon Mumbai Realty, a Prestige Estates subsidiary, which has signed a redevelopment agreement with the Worli Shivshahi Co-operative Housing Society. The redevelopment project involves 192 tenements spread across 3.3 acres in Worli. The society is located opposite the GlaxoSmithKline Pharmaceuticals property on Dr Annie Besant Road.
The scale of the redevelopment is significant for Worli's skyline. The overall development potential of the project in Worli will be one mn sq ft carpet area, and after factoring the rehabilitation portion, the free-sale component will be around 7.5 lakh sq ft. Prestige is planning a premium residential project here, estimated to fetch revenue of around Rs 6,000 crore given the ongoing property rates in the vicinity.
As part of the agreement, Prestige Estate has repaid a loan worth Rs 170 crore raised by the earlier developer against the development potential of the housing society and will also invest over Rs 578 crore towards construction cost, compensation to society members, and premium towards availing fungible FSI. The redevelopment had been stalled for over a decade before Prestige stepped in with a fresh development agreement, giving existing society members modern rehabilitation housing alongside a new premium free-sale tower for open-market buyers.
The project is currently at the planning and approvals stage, with unit configurations expected to include 2 and 3 BHK apartments once formally launched. As with most Prestige redevelopment projects in Mumbai, pricing, RERA registration, and detailed floor plans will be released closer to the official launch.
